Medtronic plc says that it has successfully completed the previously announced acquisition of Covidien plc, the result being a big the magician’s trick of turning Covidien plc and Medtronic Inc., into Medtronic plc.
Covidien shares and Medtronic, Inc. shares ceased trading on the New York Stock Exchange at the close of business on Monday Jan 26 with the closing of this astounding $49.9 billion cash-and-stock transaction (based on Medtronic’s closing stock price of $75.59 per share).
What happens next? Well, the closing of the transaction does not affect the results of Medtronic, Inc.’s fiscal third quarter just ended. The company says it expects to provide a financial update on its fiscal third quarter earnings conference call on Tuesday, February 17, 2015.
Shares of Medtronic plc are expected to begin trading on the New York Stock Exchange (NYSE) under the symbol “MDT” on Tuesday, January 27, 2015.
Organizationally, Medtronic plc has its principal executive offices in Ireland, where both companies have a longstanding presence. The company’s operational headquarters will continue to be based in Minneapolis.
“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. 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,” said Omar Ishrak, chairman and CEO of Medtronic. “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.”