Medtronic (NYSE:MDT) said last week that its proposed, $43 billion acquisition of Covidien (NYSE:COV) cleared anti-trust hurdles in the Europe.
The approval, announced Nov. 28, came 2 days after the U.S. Federal Trade Commission granted its benison for the deal.
Both approvals are contingent on Covidien divesting its drug-eluting balloon assets. Earlier this month Covidien agreed to sell its Stellarex drug-coated balloon with Spectranetics (NSDQ:SPNC) for $30 million.
That deal is expected to close shortly after the Medtronic-Covidien union is consummated, expected in early 2015.
“This regulatory clearance represents an important milestone in bringing our companies together," Medtronic chairman & CEO Omar Ishrak said in prepared remarks on the FTC approval. "We continue to make good progress in planning for the integration of these 2 companies which will unite them under a single mission – to alleviate pain, restore health and extend life for patients with chronic disease around the world. When the transaction is complete, the combined company will allow Medtronic to reach more patients, in more ways and in more places."