Shares of Heartware International (HTWR) are surging over 90% Monday after Medtronic (MDT) - Get Report agreed to acquire the company for $1.1 billion in an all-cash deal. Shares of Medtronic, however, are down over 2%.

The medical technology company will buy Heartware for $58 per share, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment. 

Medtronic has more flexibility and can "pick and choose" what companies it buys ever since it bought Covidien several years ago and moved its headquarters to Dublin, Ireland, allowing it to pay little or no U.S. tax, a process known as "inversion." 

"Medtronic has used the inversion to build a powerhouse that is almost unassailable," Cramer said. 

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Prior to the deal, Heartware International shares were down 40.5% on the year. 

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At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.