Baxter International Inc. (NYSE: BAX) will acquire Gambro AB, a Swedish medical product-design company for about $4 billion.

Gambro designs and manufactures medical technology products, such as dialysis products and therapies for patients with acute or chronic kidney disease. The company has annual sales of about $1.6 billion.

Baxter is a healthcare company headquartered in Deerfield, Ill., that makes products for people with hemophilia, immune disorders, infectious diseases, kidney disease, trauma and other medical conditions.

The deal complements Baxter’s home dialysis offerings.

Gambro is currently owned by Swedish investment holding company Investor AB and backed by private equity firm EQT Corp.

Financial troubles over the years led to the target’s delisting in 2006. The company was then split into three parts, two of which EQT and Investor have already exited. Investor holds a 49 percent stake in Gambro while EQT holds 51 percent.

J.P. Morgan acted as financial adviser and Kirkland & Ellis LLP acted as legal counsel to Baxter.

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