Baxter (NYSE:BAX) announced today that it entered into a definitive agreement to acquire Hillrom (NYSE:HRC) for approximately $12.4 billion.
Earlier this week, rumblings of a potential deal surfaced, leading to a massive rise for Hillrom’s stock. The expectation was that the companies would reach a deal by midweek so long as talks didn’t fall apart. Those reports saw Hillrom valued at about $150 per share, with estimates of a $10 billion deal.