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US: FTC ok with Medtronic’s inversion deal with Irish peer

 |  November 27, 2014

US-based medical technology firm Medtronic received clearance by the Federal Trade Commission this week to merge with Ireland-based Covidien, a deal that will see Medtronic relocate its tax bracket abroad for lower rates.

According to reports, Medtronic has been cleared to buy Covidien for $42.9 billion. Medtronic, however, will have to divest its drug-coated balloon catheter operations to appease competition concerns, reports say.

The deal was first announced last June and will boost Medtronic’s standing in the global medical technology industry to compete more closely with industry leader Johnson & Johnson. The deal must also secure approval by regulators in China and the EU, reports say; Canada cleared the plans Wednesday.

Full content: The Independent

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