Medtronic and Covidien have announced that the Irish High Court has sanctioned the Covidien scheme of arrangement pursuant to which Medtronic will acquire Covidien under a new holding company incorporated in Ireland to be named Medtronic plc.
With the Court’s approval of the scheme of arrangement, Medtronic and Covidien anticipate that the transaction, which will result in Medtronic and Covidien becoming wholly owned subsidiaries of Medtronic plc, will close.
The transaction is anticipated to close on 26 January 2015, with ordinary shares of Medtronic plc expected to begin trading on the New York Stock Exchange on January 27, 2015.
