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Medtronic to acquire Covidien for $42.9 billion

Staff writer ▼ | June 16, 2014
Medtronic, Inc. and Covidien plc have entered into a definitive agreement under which Medtronic has agreed to acquire Covidien in a cash-and-stock transaction valued at $93.22 per Covidien share.
Medtronic
MedtronicMedtronic, Inc. and Covidien plc have entered into a definitive agreement under which Medtronic has agreed to acquire Covidien in a cash-and-stock transaction valued at $93.22 per Covidien share.


The is a total of approximately $42.9 billion, based on Medtronic’s closing stock price of $60.70 per share on June 13, 2014.

Once the transaction is completed, Medtronic will have significantly advanced its position as the world’s premier medical technology and services company. The combined company will have a comprehensive product portfolio, a diversified growth profile and broad geographic reach, with 87,000 employees in more than 150 countries.

The boards of directors of both companies have unanimously approved the transaction.

"We are excited to reach this agreement with Covidien, which further advances our mission to alleviate pain, restore health and extend life for patients around the world," said Omar Ishrak, chairman and chief executive officer of Medtronic.

"Covidien and Medtronic, when combined, will provide patients, physicians and hospitals with a compelling portfolio of offerings that will help improve care and surgical performance," said Jose E. Almeida, Chairman, president and chief executive officer of Covidien.


 

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