Medtronic, a global leader in medical technology, services and solutions, announced it has completed the acquisition of Covidien. Under the terms of the acquisition agreement, Medtronic and Covidien are now combined under Medtronic plc. 
 
“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,” says Omar Ishrak, chairman and CEO of Medtronic. “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. 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.”
 
Covidien shares and Medtronic shares ceased trading on the New York Stock Exchange at the close of the business day on January 26. The cash-and-stock transaction is valued at approximately $49.9 billion, based on Medtronic’s closing stock price of $75.59 per share on January 26, 2015. Under the terms of the transaction, each ordinary share of Covidien outstanding as of the closing has been converted into the right to receive $35.19 in cash and 0.956 of an ordinary share of Medtronic. Each share of Medtronic common stock outstanding as of the closing has been converted into the right to receive one ordinary share of Medtronic.
 
The closing of the transaction does not affect the results of Medtronic, Inc.’s fiscal third quarter, which ended on Friday, January 23, 2015. The company expects to provide a financial update on its fiscal third quarter earnings conference call on Tuesday, February 17, 2015.