Medical device maker Medtronic Inc. announced June 15 it would purchase Dublin-based Covidien in a $42.9 billion deal that would move the combined company to Ireland. The agreement calls for Medtronic to pay $35.19 in cash and 0.956 of a Medtronic share for each Covidien share—a 29 percent premium over the Irish medical device maker’s closing price on June 13, the last day of trading before the announcement.
Upon the deal’s completion, which is expected to happen in the last quarter of 2014 or in early 2015 pending approval by U.S. and European regulators as well as by shareholders at both companies, Covidien shareholders will hold 30 percent of the combined company. Medtronic plans to keep its headquarters in Minneapolis even though it will reincorporate in Ireland.
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