Medtronic and Covidien Announce Completion of Merger

Medtronic, Inc. and Covidien plc have announced the completion of their merger, with the creation of a new holding company named Medtronic plc. The Irish High Court has sanctioned the Covidien scheme of arrangement, paving the way for the transaction to close. The deal will result in Medtronic, Inc. and Covidien plc becoming wholly owned subsidiaries of Medtronic plc. Trading of Medtronic and Covidien shares will continue until the end of the day on January 26, 2015, and the ordinary shares of Medtronic plc are expected to begin trading on the New York Stock Exchange on January 27, 2015.

Key Takeaways:

• The merger between Medtronic, Inc. and Covidien plc has been completed, with the creation of a new holding company named Medtronic plc.
• The Irish High Court has sanctioned the Covidien scheme of arrangement, allowing the transaction to proceed.
• Medtronic, Inc. and Covidien plc will become wholly owned subsidiaries of Medtronic plc.
• Trading of Medtronic and Covidien shares will continue until the end of the day on January 26, 2015.
• The ordinary shares of Medtronic plc are expected to begin trading on the New York Stock Exchange on January 27, 2015.
• The merger creates a global medical technology leader with a strong presence in the healthcare industry.
• Medtronic plc will have a global presence in over 150 countries and will generate revenue of $10.7 billion in 2014.
• The merger is expected to create significant synergies and benefits for the combined company.

Statistics:

• $10.7 billion: Revenue generated by Covidien in 2014.
• 39,000: Number of employees at Covidien.
• 150+: Number of countries served by Covidien.
• 37.21: Price of Medtronic stock on April 23, 2012, when a downtrend was indicated by SmarTrend.
• 2014: Fiscal year for which Covidien generated $10.7 billion in revenue.

Sources:

• Medtronic, Inc. via Globenewswire
• Thomson Reuters ONE via COMTEX