Medtronic Completes Acquisition of Covidien for $49.9 Billion
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(January 26, 2015) Medtronic announced today that it has finally completed its previously announced acquisition of Covidien. According to the press release provided by Medtronic, the “cash-and-stock transaction is valued at approximately $49.9 billion.”
Regarding the acquisition, Omar Ishrak, chairman and CEO of Medtronic said:
“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.”
A new page on Medtronic’s website welcomes Covidien to the “new Medtronic” and outlines their future together. It notes, “[t]ogether, Medtronic and Covidien are working to improve healthcare by addressing the needs of more people, in more ways and in more places around the world.”
The previously announced acquisition had been on hold pending approval of the deal by the Irish Supreme Court, which issued earlier. The deal had previously been approved by both the Federal Trade Commission in the United States and the European Union’s European Commission.
According to the Boston Globe, the acquisition is among the largest in the medical device sector.
Mitchell Hadley is an associate in our San Diego office. His practice involves all aspects of patent prosecution.
Prior to joining the firm, Mr. Hadley attended law school at the Brigham Young University, J. Reuben Clark Law School where he graduated magna cum laude and was elected to the Order of the Coif. During law school he served as Lead Note and Comment Editor of the BYU law Review. In 2010, he graduated from Brigham Young University with a B.S. in Mechanical Engineering.
Mr. Hadley joined the firm in 2014 after working as summer associate in the firm's San Diego office during the summer of 2013.
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