07:10 AM EDT, 06/03/2024 (MT Newswires) -- Becton, Dickinson ( BDX ) signed a definitive deal to acquire Edwards Lifesciences' ( EW ) critical care product group for $4.2 billion in cash, the companies said Monday.

The transaction will expand Becton, Dickinson's ( BDX ) portfolio of smart connected care solutions and the company expects the acquisition to be immediately accretive to "all key financial measures" such as revenue and adjusted earnings per share, according to the statement.

Becton, Dickinson ( BDX ) said it plans to fund the acquisition with about $1 billion of existing cash and $3.2 billion of new debt. The companies expect to close the transaction before the end of the calendar year, subject to regulatory reviews and customary closing conditions.

Shares of Edwards Lifesciences ( EW ) were up almost 3% premarket.

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