The U.S. Federal Trade Commission has approved the pending $43 billion merger between Medtronic (NYSE:MDT) and Covidien (NYSE:COV), according to regulatory filings.
“This regulatory clearance represents an important milestone in bringing our companies together,” said Omar Ishrak, Chairman and CEO of Medtronic in a prepared release.
“We continue to make good progress in planning for the integration of these two 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.”
The FTC’s clearance follows Medtronic’s and Covidien’s agreement to divest certain assets related to Covidien’s drug-coated balloon catheter business, according to Medtronic officials. Earlier this month Covidien agreed to sell its Stellarex drug-coated balloon with Spectranetics (NSDQ:SPNC) for $30 million.
The mega merger is expected to close during the 1st quarter of 2015.