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Acquisition

Medtronic completes US$49.9 billion Covidien acquisition

The acquisition will allow Medtronic to expand into new areas especially the weight-loss surgery and laparoscopic markets, in particular energy devices and laparoscopic hand instruments

Medtronic has completed the previously announced acquisition of Covidien for an estimated US$49.9 billion. The merger will create a close competitor in size to the medical device business of industry leader, Johnson & Johnson, the parent company of Ethicon. The acquisition will allow Medtronic to expand into new areas especially the weight-loss surgery and laparoscopic markets, in particular energy devices and laparoscopic hand instruments.

Prior to the merger, Medtronic and Covidien have sold of various assets, such as drug-coated balloon catheters for the treatment of peripheral artery disease, to appease competition assessors in regions around the world.

"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," said Omar Ishrak, chairman and CEO of Medtronic. "This is an exciting day for our employees as we officially join forces to pursue our shared commitment to addressing universal healthcare needs and accelerating Medtronic's three fundamental strategies of therapy innovation, globalization and economic value.  We know that our combined businesses can have a real and meaningful impact on people's lives - helping to treat more people, in more ways and in more places around the world."

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