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Medtronic buying Covidien for $42.9B

Jun. 15, 2014 9:37 PM ETMedtronic plc (MDT) StockMDTBy: Stephen Alpher, SA News Editor16 Comments
  • Confirming earlier reports, Medtronic (NYSE:MDT) is buying Covidien (COV) in a cash and stock deal valuing Covidien at $93.22 per share based on Medtronic's Friday close of $60.70. The price represents a near-30% premium to Covidien's Friday close.
  • The transaction will have each share of Covidien converted into the right to receive $35.19 in cash and 0.956 shares of Medtronic.
  • Medtronic expects the purchase to be accretive to cash earnings in the first fiscal year following the close (late this year, or early next), and significantly accretive thereafter, with $850M of annual pre-tax cost synergies by the end of fiscal 2018.
  • As noted earlier, the purchase will have Medtronic moving its principal executive offices to Ireland, where corporate tax rates are lower than the U.S.
  • Press release
  • Previously: Medtronic in talks for $40B+ Covidien deal

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