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...Dealmaking in the sector has sped up over the past few years, including Abbott’s $25bn takeover of St Jude and Medtronic’s $42.9bn acquisition of Covidien, as companies seek to build scale as industry margins...
...When the small company hired to design the machines was bought by Covidien, a large medical device manufacturer, things changed. Ultimately, not a single ventilator was produced....
...Medtronic is shedding assets following the completion of its almost $50bn acquisition of Ireland’s Covidien in 2015....
...Mr Ishrak says the takeover of Covidien has much to offer aside from financial engineering....
...Merger and acquisition activity has also buoyed valuations, with $10bn-plus deals announced between Allergan and Actavis, Covidien and Medtronic, Hospira and Pfizer as well as CareFusion and Becton Dickinson...
...tap capital markets at the start of the month on Monday were the likes of Medtronic, with the expected sale of at least $10bn in bonds as the medical device maker seeks to finance its $43bn purchase of Covidien...
...The group had planned to use overseas cash belonging to itself and Covidien to help pay for the deal....
...Medtronic of the US last month completed its near-$50bn takeover of Ireland-based Covidien and Zimmer last year bought Biomet for $13.4bn....
...As of Friday’s close, Covidien had a market capitalisation of $32.5bn. It became a publicly traded company in 2007 after it was spun off from Tyco International....
...Bankers say that, after huge deals such as Acatvis’s $66bn acquisition of Allergan and the $42.9bn takeover of Medtronic by Covidien in 2014, activity this year is more concentrated around mid-sized deals...
...José Almeida, Covidien’s chief executive, told the FT he would step down once the deal is completed. Medtronic was advised by Perella Weinberg while Covidien was advised by Goldman Sachs....
...The above is a clause from the Medtronic/Covidien merger agreement of course – although it allows Medtronic to walk away from the deal if US tax law prevents the company ‘inverting’ to Covidien’s Irish domicile...
...Goldman has worked on some of the largest deals of the year, including Medtronic’s $46bn takeover of rival medical group Covidien and the $37.5bn sale of Baker Hughes to Halliburton....
...Medtronic, a medical device maker, has pressed ahead with its $42.9bn acquisition of rival Covidien in a deal that will give it a tax-efficient Irish address....
...But Medtronic’s tax rate is only one or two percentage points higher than Covidien’s. The difference might be worth $1bn, at a stretch....
...Medtronic, which has struck a $42.9bn deal to buy Ireland-based Covidien, has $13bn of cash outside the US....
...Shares in Medtronic, the medical device maker, fell 1.1 per cent to $60.03 after it agreed to buy Dublin-based Covidien Plc for $42.9bn. Shares in Covidien were up 20 per cent to $86.75....
...Recent deals among medical device makers include Zimmer/Biomet and Medtronic/Covidien (the latter is also a so-called tax inversion). And so tax-driven healthcare deals have not emerged from a vacuum....
...Medtronic says its acquisition of Covidien, an Irish medical devices maker, will spur innovation and efficiency. But does it all come down to tax and cost savings?...
...If completed, its acquisition of Covidien, a maker of devices used in surgical procedures, would create a close rival to Johnson & Johnson, the market leader....
...(Bloomberg) Medtronic snaps up Covidien for $42.9bn: Medtronic, the medical device and equipment maker, has agreed to acquire Irish rival Covidien’s equity in a $42.9bn cash and stock deal that will allow...
...Covidien’s 16 times? A discounted average? Hard to say, and Philips odd attempt at synthesis makes the question no easier to answer. Tweet the Lex team at @FTLex...
...Collapse of the Salix acquisition will raise fresh questions over the fate of other pending inversions, such as the $42.9bn acquisition of Dublin-based Covidien by Medtronic, the US medical devices company...
...In inversion deals in the past month, Medtronic announced the $42.9bn acquisition of Dublin-based Covidien and AbbVie agreed to take over the UK’s Shire for $54bn....
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