Chicago-based Hill-Rom Holdings Inc has announced that it has completed its $2.05 billion acquisition of Welch Allyn. The acquisition is reportedly being funded by a combination of cash on hand, and new equity and debt issuances.

Through the acquisition of Welch Allyn, Hill-Rom reports that it plans to play a greater role in improving patient care globally and achieving higher levels of efficiency and reducing healthcare costs for its customers. By combining its presence in hospitals and operating rooms worldwide with Welch Allyn’s position in point-of-care diagnostics and testing, Hill-Rom intends to expand both companies’ ability to help healthcare providers focus on patient care solutions that improve clinical and economic outcomes. Together, Hill-Rom reports, the companies can offer a wider range of solutions focused on quality and efficiency.

Hill-Rom, which has approximately 10,000 employees worldwide, will add 2,500 Welch Allyn employees as part of the acquisition. According to an announcement, Hill-Rom currently partners with healthcare providers in more than 100 countries.

For more information about the acquisition, read the news release on the Hill-Rom website.