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Medtronic To Acquire Covidien And Move Executive Headquarters To Ireland

Saturday morning the Wall Street Journal had this article:

Medtronic, Covidien in Advanced Talks to Combine 

It spread across Minneapolis and St Paul faster than any business story in recent memory. Which says a lot given it was a Saturday during a Minnesota summer.

Sunday evening Medtronic confirmed the story with this press release:

Medtronic to Acquire Covidien for $42.9 billion in Cash and Stock

This is an image on the Medtronic web site:

Medtronic Acquires Covidien

From the Minneapolis Star Tribune:

Medtronic pays $42.9 billion for Irish medical device maker

- $42.9 billion

- Medtronic moves the executive headquarters to Ireland so they can take advantage of how overseas profits overseas are invested in the company and returned to shareholders (less tax)

- Operational headquarters will remain in Minnesota

- Covidien is headquartered in Ireland and “operates” out of Boston, Massachusetts. It already has a significant presence in Minnesota.

- 1,000 new med tech related jobs will be created in Minnesota over the next 5 years

- The new Medtronic will do $27 billion in revenue with 87,000 employees worldwide (150 countries)

For those curious about “inversion”, taxes, profits, why this matters and why this is getting a lot of attention around the world click:

Medtronic to buy Covidien for $42.9 billion, rebase in Ireland (Reuters)

Escape From The IRS: Medtronic Looks To Succeed Where Pfizer Failed

Jobs… of course this is the first thing I think about.

We have the statement by Gov Dayton about the 1,000 tech jobs to be created. I was on the Medtronic career page late last week (competitive intelligence gathering) and notice no change in the number of jobs posted.

On that last point… whew. We have had enough drama with the big companies in town since the beginning of Q1 2014.


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