The deal: Becton Dickinson buyout of CareFusion
The price tag: $12.2 billion
Inversion? No
Status: Announced; closure expected in first half of the year

Why it matters: Here again we see a neat illustration of the changing med tech landscape, such as the industry's evolving relationship with hospitals. Medical device companies are seeking to provide hospitals not only with equipment but also with services (or "solutions" in device exec parlance) as a means to help them meet their cost-cutting goals and reimbursement incentives in the post-Obamacare world.

"BD's acquisition of CareFusion allows us to align our highly complementary technologies and products to address unmet needs in the growing $20 billion global medication management industry, which leverages BD's worldwide infrastructure," said Becton Dickinson ($BDX) CEO Vincent Forlenza upon the deal's announcement. "It accelerates BD's transition from a product-focused company to a customer-centric provider of innovative healthcare solutions with leading scale across the medication management value chain and expanded solutions for patient safety."

BD CEO Vincent Forlenza

The acquisition of CareFusion ($CFN) will add about $3.8 billion in annual revenues through sales of infusion pumps, ventilation and respiratory products, surgical instruments and, most importantly, software-based solutions for things like tracking hospitals' use of drugs.

BD says it has identified $250 million in synergies that it intends to achieve by 2018.

At the time of the October 2014 announcement, CareFusion was coming off of a $41 million agreement with the U.S. Department of Justice due to charges of off-label marketing.

In January, CareFusion shareholders approved the deal, with 76% of shares outstanding voting in favor of the merger. At that time, the companies said the transaction still needed to clear regulatory hurdles, including getting the signoff of the European antitrust authorities.

For more:
Becton plans on $9.1B bridge loan to finance deal with CareFusion
BD to buy CareFusion for $12.2B to become more hospital-focused