secwatch.observer — SEC 8-K summary
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Issuer:     BAXTER INTERNATIONAL INC (BAX)
CIK:        0000010456
Form:       8-K
Filed at:   2021-12-13T23:59:59+00:00
Accession:  0001628280-21-024946
Event type: m_and_a
Sentiment:  positive
Materiality: 0.90
Item codes: 2.01, 5.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/10456/000162828021024946/0001628280-21-024946-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/10456/000162828021024946/bax-20211209.htm
  HTML page:      https://secwatch.observer/filing/0001628280-21-024946

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