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Medtronic makes history with buy of Covidien PLC for $42.5bn, plus assumption of debt

Executive Summary

In the largest medical device M&A to date, Medtronic Inc. acquired publicly traded Irish medical technology and services company Covidien PLC. Medtronic will pay $94.13 per share ($35.19 in cash and $58.94--0.956 of a Medtronic ordinary share--in stock) for each Covidien outstanding share, valuing the deal at $42.5bn--a 29% premium, and over four times Covidien’s 2013 revenues. Medtronic will also assume approximately $5bn in Covidien debt. Post-acquisition, Covidien shareholders will have about a 30% stake in the combined company.
Deal Industry
  • Medical Devices
  • Medical Devices
    • Implantable Devices
    • Monitoring Equipment & Devices
    • Radiofrequency Devices
    • Surgical Equipment & Devices
      • Minimally or Less Invasive
Deal Status
  • Final
Deal Type
  • Acquisition
    • Full Acquisition
    • Includes Contract
    • Payment Includes Cash
    • Payment Includes Stock

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