NEW YORK -- Health care giant Baxter International said Tuesday it would buy Gambro for $4 billion, a privately held Swedish dialysis products maker.

"Baxter has a legacy of innovation in dialysis, including the development of peritoneal dialysis for the treatment of end-stage kidney disease patients in the home," Baxter CEO Robert Parkinson said.

"This acquisition further strengthens our global dialysis offerings by extending our portfolio in the hemodialysis segment."

Baxter said the acquisition would help it accelerate product sales in established markets such as Europe.

In addition, the Deerfield, Illinois.-based company said the deal could "expand Gambro's reach in high-growth regions of Latin America and Asia-Pacific, where Baxter has steadily grown its peritoneal dialysis (PD) business."

The takeover -- expected to be completed in the first half of 2013 -- will be financed through a combination cash and debt.

Based in Lund, Sweden, Gambro -- a provider of dialysis products and technologies used in hemodialysis and continuous renal replacement therapy -- had annual sales of approximately $1.6 billion in 2011.

"This acquisition responds to the needs of the nephrology community, healthcare providers and patients seeking a comprehensive dialysis offering of proven products and therapies," Gambro CEO Guido Oelkers said.

Copyright Agence France-Presse, 2012