Including debt, the value of the deal jumps to $4 billion, The New York Times reported Tuesday.
Baxter's Chief Executive Officer Robert Parkinson Jr. said the deal "further strengthens our global dialysis offerings by extending our portfolio in a hemodialysis segment."
Gambro is owned by EQT and Investor AB, both Swedish investment firms, which paid $4.7 billion for the company in 2006.
Baxter is buying only a portion of that, as Terumo of Japan bought Gambro's Caridian BCT division in 2011 for about $2.6 billion.
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