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Medtronic Acquisition of Covidien Receives U.S. FTC Clearance
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Omar Ishrak,
Medtronic CEO |
November 26, 2014 -- Minneapolis and Dublin, Ireland -- Medtronic, Inc. (NYSE: MDT) and Covidien plc (NYSE: COV) today announced the receipt of U.S. Federal Trade Commission (FTC) clearance of Medtronic's proposed acquisition of Covidien.
"This regulatory clearance represents an important milestone in bringing our companies together," said Omar Ishrak, Chairman and CEO of Medtronic. "We continue to make good progress in planning for the integration of these two companies which will unite them under a single mission - to alleviate pain, restore health and extend life for patients with chronic disease around the world. When the transaction is complete, the combined company will allow Medtronic to reach more patients, in more ways and in more places."
The FTC's clearance follows Medtronic's and Covidien's agreement to a proposed consent order, which includes a commitment to divest certain assets related to Covidien's drug-coated balloon catheter product. As previously announced, a subsidiary of Covidien entered into an agreement to divest these assets to The Spectranetics Corporation and the divestiture is expected to close shortly following completion of Medtronic's acquisition of Covidien. Medtronic and Covidien also entered into a parallel consent agreement regarding the divestiture of assets related to Covidien's drug-coated balloon catheter product with the Canadian Competition Bureau, which also announced its clearance of the transaction today.
Medtronic's acquisition of Covidien is expected to close in early 2015 after receipt of certain additional regulatory clearances and approvals by both companies' shareholders and sanction by the High Court of Ireland.
About Medtronic
Medtronic, Inc. (www.medtronic.com), headquartered in Minneapolis, is the global leader in medical technology - alleviating pain, restoring health, and extending life for millions of people around the world.
About Covidien
Covidien is a global health care leader that understands the challenges faced by providers and their patients and works to address them with innovative medical technology solutions and patient care products. Inspired by patients and caregivers, Covidien's team of dedicated professionals is privileged to help save and improve lives around the world. With more than 39,000 employees, Covidien operates in 150-plus countries and had 2014 revenue of $10.7 billion. To learn more about our business visit www.covidien.com or follow us on Twitter.
Source: Medtronic,
Inc.
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