Baxter International Inc. (NYSE: BAX), a global med-tech provider, has acquired Hillrom for a purchase price of $10.5 billion at $156.00 in cash for each outstanding share of Hillrom.

The deal combines two med-tech organizations with a vision to transform healthcare and advance patient care worldwide. Going forward, Baxter will support millions of patients across homes, physician offices, ambulatory care centers and hospitals. The firm hopes to use its combined knowledge of connectivity, technology, digital health services and more to build a connected, patient centric service.

“The Baxter-Hillrom combination unlocks the next phase of our transformation, presenting a new wave of potential to drive greater impact for patients, clinicians, employees, shareholders and other communities we serve worldwide,” said José Almeida, Baxter’s chairman, president and CEO.