Sullivan & Cromwell, Wachtell steer Baxter’s $10.5 bln Hill-Rom buy

The logo for the Wachtell, Lipton, Rosen & Katz law firm at their office in New York, U.S. REUTERS/Shannon Stapleton

  • Summary
  • Companies
  • Law firms
  • Sullivan & Cromwell counsels Baxter
  • Wachtell Lipton represents Hill-Rom
  • Deal follows Medtronic, Thermo-Fisher medical technology acquisitions

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(Reuters) – Sullivan & Cromwell and Wachtell, Lipton, Rosen & Katz are crafting medical technology company Baxter International Inc’s plans to purchase competitor Hill-Rom Holdings Inc for roughly $10.5 billion in cash.

The deal, announced on Thursday, will add smart hospital beds to Baxter’s existing patient monitoring and diagnostic product offerings.

Deerfield, Illinois-based Baxter is working with Sullivan & Cromwell on the deal. The firm’s team includes mergers and acquisitions partners Francis Aquila and Melissa Sawyer.

Hill-Rom has paired with a Wachtell Lipton team led by corporate partners Adam Emmerich, Sabastian Niles and Mark Stagliano.

Hill-Rom, headquartered in Chicago, makes most of its revenue from patient support systems, which include smart hospital beds equipped with sensors to monitor patients’ vital signs.

Baxter’s acquisition of Hill-Rom is set to close by early 2022.

Baxter’s financial advisers are Perella Weinberg Partners, J.P. Morgan and Citi; Hill-Rom’s are Goldman, Sachs & Co and BofA Securities.

The transaction follows several other mergers and acquisitions in the medical technology space that have added to law firms’ revenues.

Last month, medical device maker Medtronic plc said that it had agreed to snap up ear, nose and throat-focused Intersect ENT in a deal valuing the company at roughly $1.1 billion, including debt. Ropes & Gray is advising Medtronic on the acquisition, with Cooley guiding Intersect.

Earlier this year, Thermo Fisher Scientific Inc, the world’s largest maker of scientific instruments, said it was buying contract researcher for PPD Inc for $17.4 billion. Cravath, Swaine & Moore and Arnold & Porter Kaye Scholer are supporting Thermo Fisher, while Simpson, Thacher & Bartlett work with PPD.

Read more:

Medtech firm Baxter to buy hospital-bed maker Hill-Rom for $10.5 bln

Medtronic snaps up Intersect ENT for $936 million to bolster sinus portfolio

Thermo Fisher expands pharma service business with $17.4 bln PPD acquisition

Sierra Jackson

Sierra Jackson reports on legal matters in major mergers and acquisitions, including deal work, litigation and regulatory changes. Reach her at sierra.jackson@thomsonreuters.com

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Sierra Jackson