FRANKLIN LAKES, N.J. (AP) -- Medical technology firm Becton, Dickinson and Co. says it has reached an agreement to buy competitor C.R. Bard Inc. in a cash-and-stock deal worth $24 billion.
The deal announced Sunday was approved by both companies' boards but still needs regulatory and Bard shareholder approvals. It's expected to close in the fall.
The companies say that for every Bard share, stockholders will get nearly $223 in cash and just over one-half share of BD stock for a total value of $317. Bard stock closed Friday at $253.07.
BD will fund the deal with $1.7 billion in cash, about $10 billion of debt, $4.5 billion of equity and securities and $8 billion in BD stock.
Bard's products include central catheters and drug delivery ports while BD provides intravenous drug dispensing and delivery.