Surgical Tribune America

Medtronic to acquire Covidien

By Surgical Tribune
June 20, 2014

MINNEAPOLIS, USA: Medtronic, a global leader in medical technology, services and solutions, and Covidien, a global health care technology and medical supplies provider, have announced that they have entered into a definitive agreement under which Medtronic will acquire Covidien in a cash-and-stock transaction.

Once the transaction, valued at $93.22 per Covidien share, or a total of approximately $42.9 billion, 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 CEO 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 José E. Almeida, chairman, president and CEO of Covidien.

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