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Medtronic Buys Convidien For $42.9 Billion


Medtronic and medical device maker has agreed to purchase Covidien for $42.9 billion in cash and stock. The deal values Covidien at $93.22 per share, but the company closed at $72.02 last week. Medtronic CEO Omar Ishrak said, "We are excited to reach this agreement with Covidien which further advances our mission to alleviate pain, restore health and extend life for patients around the world." He also went on to say, "This acquisition will allow Medtronic to reach more patients in more ways and in more places."  Medtronic is a $60 billion company that makes pacemakers for hearts.