Baxter International’s Acquisition of Hillrom

Sullivan & Cromwell advised Baxter, while Wachtell, Lipton, Rosen & Katz advised Hillrom on the deal. Fried Frank acted as counsel to BofA Securities as financial advisor to Hillrom.
Simpson Thacher advised JPMorgan Chase Bank,

Baxter International Inc. (NYSE:BAX), a leading global medical products company, and Hillrom (NYSE:HRC), a global medical technology leader, have entered into a definitive agreement under which Baxter has agreed to acquire Hillrom for $156.00 per share in cash for a total equity value of approximately $10.5 billion and a total enterprise value of approximately $12.4 billion. JPMorgan Chase Bank, N.A. provided $11.4 billion of committed financing to Baxter International Inc.

The Boards of Directors of both companies have unanimously approved the acquisition. The transaction is subject to the approval of Hillrom shareholders and the satisfaction of customary closing conditions, including regulatory approvals. The transaction is expected to close by early 2022.

Every day, millions of patients and caregivers rely on Baxter’s leading portfolio of critical care, nutrition, renal, hospital and surgical products.

Hillrom is a global medical technology leader whose 10,000 employees have a single purpose: enhancing outcomes for patients and their caregivers by Advancing Connected Care.

Perella Weinberg Partners LP is acting as lead financial advisor to Baxter. J.P. Morgan and Citi are also serving as financial advisors to Baxter and have committed to provide fully committed financing. Goldman, Sachs & Co. LLC is serving as lead financial advisor and BofA Securities is serving as financial advisor to Hillrom.

The Wachtell Lipton’s team was led by Corporate Partners Adam O. Emmerich (Picture), Sabastian V. Niles and Mark A. Stagliano and included Kyle M. Diamond, Associate, Anna M. D’Ginto, Associate (Corporate), Christina C. Ma, Partner, Joseph D. Larson, Of Counsel, Emily E Samra, Associate (Antitrust), Erica E. Bonnett, Partner, Dixing Tang, Associate (Executive Compensation and Benefits), Emily D. Johnson, Partner, Margaret M. Guidotti, Associate (Finance), T. Eiko Stange, Partner, Swift S.O. Edgar, Associate (Tax), Selwyn B. Goldberg, Of Counsel, and Nicole D. Sharer, Associate (Intellectual Property).

The S&C team advising Baxter includes Frank Aquila and Melissa Sawyer. Ari Blaut is advising on finance matters. Davis Wang is advising on tax matters. Mehdi Ansari and Mark Schenkel are advising on intellectual property matters. Heather Coleman and Kristen Klein are advising on executive compensation matters. Renata Hesse, Michael Rosenthal, Foad Hoseinian and Pierre Moullet are advising on antitrust matters. Matthew Brennan is advising on environmental matters.

The Fried Frank team was led by corporate partner Roy Tannenbaum and included corporate partner Philip Richter and corporate associates Alexander G. Feldsott and Ryan T. Fung. 

The Simpson Thacher team included Patrick Ryan, William Sheehan, Dean Masuda, Roman Ibragimov and Kevin Perron (Banking and Credit); and David Azarkh and Asha Amin (Capital Markets).

Involved fees earner: Alexander Feldsott – Fried Frank Harris Shriver & Jacobson; Ryan Fung – Fried Frank Harris Shriver & Jacobson; Philip Richter – Fried Frank Harris Shriver & Jacobson; Roy Tannenbaum – Fried Frank Harris Shriver & Jacobson; Asha Amin – Simpson Thacher & Bartlett; David Azarkh – Simpson Thacher & Bartlett; Roman Ibragimov – Simpson Thacher & Bartlett; Dean Masuda – Simpson Thacher & Bartlett; Kevin Perron – Simpson Thacher & Bartlett; Patrick Ryan – Simpson Thacher & Bartlett; William Sheehan – Simpson Thacher & Bartlett; Mehdi Ansari – Sullivan & Cromwell; Francis Aquila – Sullivan & Cromwell; Ari Blaut – Sullivan & Cromwell; Matthew Brennan – Sullivan & Cromwell; Heather Coleman – Sullivan & Cromwell; Renata Hesse – Sullivan & Cromwell; Foad Hoseinian – Sullivan & Cromwell; Kristen Klein – Sullivan & Cromwell; Pierre Moullet – Sullivan & Cromwell; Michael Rosenthal – Sullivan & Cromwell; Melissa Sawyer – Sullivan & Cromwell; Mark Schenkel – Sullivan & Cromwell; Davis Wang – Sullivan & Cromwell; Erica Bonnett – Wachtell, Lipton, Rosen & Katz; Anna D’Ginto – Wachtell, Lipton, Rosen & Katz; Kyle Diamond – Wachtell, Lipton, Rosen & Katz; Swift Edgar – Wachtell, Lipton, Rosen & Katz; Adam Emmerich – Wachtell, Lipton, Rosen & Katz; Selwyn Goldberg – Wachtell, Lipton, Rosen & Katz; Margaret Guidotti – Wachtell, Lipton, Rosen & Katz; Emily Johnson – Wachtell, Lipton, Rosen & Katz; Joseph Larson – Wachtell, Lipton, Rosen & Katz; Christina Ma – Wachtell, Lipton, Rosen & Katz; Sabastian Niles – Wachtell, Lipton, Rosen & Katz; Emily Samra – Wachtell, Lipton, Rosen & Katz; Nicole Sharer – Wachtell, Lipton, Rosen & Katz; Mark Stagliano – Wachtell, Lipton, Rosen & Katz; Eiko Stange – Wachtell, Lipton, Rosen & Katz; Dixing Tang – Wachtell, Lipton, Rosen & Katz;

Law Firms: Fried Frank Harris Shriver & Jacobson; Simpson Thacher & Bartlett; Sullivan & Cromwell; Wachtell, Lipton, Rosen & Katz;

Clients: Bank of America Securities; Baxter International; Hill-Rom Holdings, Inc.; JP Morgan Chase & Co.;