Sector News

Medtronic-Covidien merger imminent after Irish court’s OK

January 26, 2015
Life sciences
The Irish High Court has approved the $43 billion merger between Medtronic Inc. and Ireland’s Covidien, clearing the way for the deal to close later today.
 
Medtronic and Covidien announced the court’s decision this morning. They will combine in a new company called Medtronic plc that’s legally based in Dublin, though its management remains at Medtronic’s current headquarters in Fridley, Minn. The two companies’ shares will continue to trade normally today, with the new stock starting to trade Tuesday.
 
Shareholders of the two companies approved the deal earlier this month.
 
The medical-device giant announced in June it would buy Dublin-based medical-products manufacturer Covidien.
 
By Mark Reilly
 

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