Medtronic takeover of Covidien finally complete

Medtronic has completed its long-anticipated acquisition of Covidien, bringing the latter 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. 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. "

Back in December US authorities gave the all-clear for the deal, which allows Medtronic to take advantage of tax breaks in Ireland.

At that time, Reuters speculated that the acquisition would transform Medtronic into a company of the scale to rival Johnson & Johnson.

"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, globalisation 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", said Israk.