Tyco International is at it again. The acquisitive diversified manufacturing and service giant announced Wednesday an agreement to buy C.R. Bard, Inc. for $3.2 billion, including debt.

Tyco’s healthcare subsidiary will acquire Bard, a medical devices manufacturer, adding some $1.1 billion in annual revenues. The acquisition will provide Tyco Healthcare with a new product pipeline, including new hernia repair and peripheral vascular disease products. It will be immediately accretive to Tyco’s earnings and free cash flow per share.

The transaction will also be accounted for as a purchase. Under the terms of the agreement, Bard shareholders will receive Tyco stock equivalent to $60.00 for each share of Bard, subject to an adjustment. The number of Tyco shares they receive will be based on the volume weighted average prices of Tyco shares for the five consecutive trading days ending on the third trading day, immediately preceding Bard’s shareholders meeting.

The deal is contingent upon customary regulatory review and approval by Bard shareholders.