Medtronic acquiring competitor for $43B

Minneapolis-based Medtronic has announced it is acquiring one of its competitors in a deal valued at nearly $43 billion.

Medtronic says after the deal involving the Covidien company is completed, it will solidify its position as the world's premier medical technology and services company. The combined company will have a payroll of 87,000 workers in more than 150 countries. Covidien has its headquarters in Ireland and that’s where the new entity will be based, which means it will enjoy lower corporate taxes than in the U.S. Medtronic says it will keep its operational headquarters in Minneapolis, where it employs 8,000 workers.

Governor Dayton issued a statement after he learned of the deal, saying he talked to Medtronic’s CEO and other top company officials and was told that no Minnesota jobs will be lost as a result of the planned acquisition. In fact, Dayton says he was told Medtronic intends to create over 1,000 new jobs in Minnesota during the next five years, in corporate management, research and development, engineering, and manufacturing.