Danaher Corp. said Tuesday it has agreed to acquire Masimo Corp. in a deal valued at about $9.9 billion, including debt, with Kirkland & Ellis LLP advising Danaher and Sullivan & Cromwell LLP and White & Case LLP representing Masimo.

Under the agreement, Danaher will pay $180 per share in cash for all outstanding common stock of Masimo, a specialty diagnostics company, according to announcements from the companies on Tuesday.

After closing, Masimo is expected to operate as a standalone company within Danaher's diagnostics segment alongside units such as Radiometer, Leica Biosystems, Cepheid, and Beckman Coulter Diagnostics.

Danaher CEO and President Rainer M. Blair said Masimo's pulse oximetry and patient monitoring technologies are strategic fits for the company and will strengthen its diagnostics segment. Pulse oximetry measures blood oxygen.

"With the Danaher Business System and our global scale, we see opportunities to expand Masimo's reach and continue improving outcomes for patients, particularly those in acute care settings," Blair said in a Tuesday statement.

Katie Szyman, CEO of Masimo, said the company looks forward to "continuing our growth and momentum as the global leader in patient monitoring," adding that "Danaher shares our commitment to investing in talent and innovation and will be an ideal fit."

She said the backing of Danaher's diagnostics segment will bolster Masimo's ability to "scale our monitoring technologies globally."

The transaction is expected to close in the second half of the year, subject to regulatory approvals and Masimo shareholder consents, the companies said.

Danaher said it plans to fund the acquisition through a combination of cash on hand and debt financing.

Danaher, based in Washington, D.C., is a global life sciences and diagnostics company with 60,000 employees worldwide. Irvine, California-based Masimo specializes in noninvasive monitoring technologies, including pulse oximetry widely used in acute care settings.

The Kirkland team is led by corporate partners David Klein, Brian Junquera, and Daniel Wolf.

The Sullivan & Cromwell team is led by corporate partners Melissa Sawyer and Lauren S. Boehmke.

White & Case's deal team information was not immediately available Tuesday.