Summary of Baxter International Inc. and Hillrom Acquisition Conference Call Company and Industry Overview - **Company**: Baxter International Inc. (NYSE:BAX) - **Acquisition Target**: Hillrom - **Industry**: Medical Technology and Healthcare Key Points and Arguments 1. **Strategic Rationale for Acquisition**: The acquisition of Hillrom is aimed at enhancing Baxter's scale and breadth across the continuum of care, accelerating digital transformation, and unlocking additional value for stakeholders [4][7][20] 2. **Financial Outlook**: The combined companies are projected to generate approximately $14.6 billion in revenue and $3.3 billion in adjusted EBITDA on a pro forma basis for 2020 [29] 3. **Revenue Growth**: Hillrom's weighted average market growth rate (WAMGR) is approximately 5%, which is higher than Baxter's, indicating potential for accelerated growth post-acquisition [35] 4. **Cost Synergies**: Baxter expects to achieve approximately $250 million in core cost synergies by year three post-close, primarily from back office optimization and manufacturing efficiencies [30][36] 5. **Market Presence**: Baxter operates in over 100 countries, serving over 75 million patients annually, with revenues of $11.7 billion in 2020 [8][9] 6. **Digital Transformation**: Both companies are focused on enhancing digital capabilities, with Hillrom's connected care solutions expected to represent nearly one-third of its total revenue by the end of 2021 [17][20] 7. **Product Portfolio**: The combination will create a more robust portfolio, enhancing patient outcomes and improving workflow efficiencies across care settings [20][25] 8. **Integration Plans**: The integration of Hillrom will be led by a dedicated team to ensure a smooth transition and to capitalize on growth opportunities [38] Additional Important Insights 1. **Regulatory Approval**: The transaction is subject to Hillrom's shareholder approval and customary closing conditions, including regulatory approvals [5][33] 2. **Long-term Financial Goals**: Baxter expects a low double-digit compound annual growth rate (CAGR) for adjusted diluted earnings per share from 2021 to 2024, with a standalone sales CAGR of 4% to 5% [32] 3. **Employee Engagement**: The merger is expected to enhance employee opportunities and foster a culture of diversity and inclusion [27][40] 4. **Market Dynamics**: The acquisition is positioned to address the evolving healthcare landscape, particularly in the context of the COVID-19 pandemic [8][12] 5. **Cash Flow Generation**: The transaction is anticipated to generate strong cash flow and deliver a high single-digit return on invested capital by year five [36] This summary encapsulates the critical aspects of the conference call regarding Baxter's acquisition of Hillrom, highlighting the strategic, financial, and operational implications of the deal.

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