Medtronic (NYSE:MDT) today said it closed the $50 billion acquisition of Covidien (NYSE:COV), the largest medical device merger of all time, with shares of the new Medtronic slated to debut tomorrow on the New York Stock Exchange.
"The culmination of this acquisition marks a significant milestone in our industry, creating a company uniquely positioned to alleviate pain, restore health and extend life for more patients around the world. We can now bring together the extensive and innovative capabilities of both Medtronic and Covidien with an underlying objective to solve healthcare’s biggest challenge – expanding access and improving clinical outcomes, while lowering costs," chairman & CEO Omar Ishrak said in prepared remarks.
"This is an exciting day for our employees as we officially join forces to pursue our shared commitment to addressing universal healthcare needs and accelerating Medtronic’s three fundamental strategies of therapy innovation, globalization and economic value. We know that our combined businesses can have a real and meaningful impact on people’s lives – helping to treat more people, in more ways and in more places around the world," Ishrak said.
Shares in Covidien and the old Medtronic stopped trading today after the market’s close, according to a press release. The transaction is valued at $49.9 billion, Medtronic said, based on its closing price of $75.59 per share today.
The last hurdle facing the deal, the approval of the Irish High Court, was cleared early this morning.
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