---
schema_version: "secwatch.filing_event.v1"
accession: "0001628280-21-024946"
form_type: "8-K"
ticker: "BAX"
cik: "0000010456"
company_name: "BAXTER INTERNATIONAL INC"
filed_at: "2021-12-13T23:59:59+00:00"
generated_at: "2026-06-28T01:32:08.449078+00:00"
event_type: "m_and_a"
sentiment: "positive"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Baxter completes $10.5B acquisition of Hillrom; expects $250M annual cost synergies

## Summary
- Baxter paid $156.00/share in cash for Hillrom; total equity purchase price ~$10.5B, enterprise value ~$12.5B.
- Expects ~$250M annual pre-tax cost synergies by year 3; low double-digit adjusted EPS accretion in first full year.
- Nancy Schlichting appointed to Baxter board; John Forsyth to retire May 2022.
- Financed with $7.8B bonds, $4.0B term loans; weighted average cost ~2%, maturity ~7 years.
- Combined company creates ~$15B global medtech leader; expects to delever to 2.75x net debt/EBITDA in 2 years.

## SEC filing metadata
- accession: 0001628280-21-024946
- form_type: 8-K
- ticker: BAX
- cik: 0000010456
- company_name: BAXTER INTERNATIONAL INC
- filed_at: 2021-12-13T23:59:59+00:00
- event_type: m_and_a
- sentiment: positive
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 2.01, 5.02, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/10456/000162828021024946/0001628280-21-024946-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/10456/000162828021024946/bax-20211209.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001628280-21-024946
- JSON: https://secwatch.observer/filing/0001628280-21-024946.json
- Plain text: https://secwatch.observer/filing/0001628280-21-024946.txt

## Key facts
- Executive change
  John D. Forsyth retired as Director at BAXTER INTERNATIONAL INC.
  - Action: retired
  - Role: Director
  source text: On December 9, 2021, Mr. John D. Forsyth notified the Company of his decision to retire from the Board, and the Board’s Nominating, Corporate Governance & Public Policy Committee and Compensation Committee, in each case effective as of May 1, 2022.
  evidence_url: https://www.sec.gov/Archives/edgar/data/10456/000162828021024946/0001628280-21-024946-index.htm
- Executive change
  Nancy M. Schlichting was appointed as Director at BAXTER INTERNATIONAL INC.
  - Action: appointed
  - Role: Director
  source text: On December 13, 2021, the Company appointed Ms. Nancy M. Schlichting to the Board of Directors of the Company
  evidence_url: https://www.sec.gov/Archives/edgar/data/10456/000162828021024946/0001628280-21-024946-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.