The buyer is a regular on the dealmaking front. In January it bought Tyrx Inc., a Monmouth Junciton, N.J. maker of antibiotic-coated meshes for use in transplants, for $160 million plus milestones. It also bought Cardiocom LLC, of Chanhassen, Minn., for $200 million in August to expand its electronic patient monitoring business.
In a statement Covidien Chairman, President and CEO Jose E. Almeida said the deal "provides our shareholders with immediate value and the opportunity to participate in the significant upside potential of the combined organization."
Bank of America Merrill Lynch is providing financing to Medtronic for the acquisition.
Medtronic turned to Perella Weinberg Partners LP's Philippe McAuliffe, Peter Weinberg, Riccardo Benedetti and Chris O'Connor for financial advice. A Cleary Gottlieb Steen & Hamilton LLP team including Victor Lewkow, Matthew Salerno, Yaron Reich, Jason Factor, Laurent Alpert, Meme Peponis, Arthur Kohn, George Cary, Enrique Gonzalez-Diaz and Caroline Hayday and A & L Goodbody's Cian McCourt provided counsel.
Covidien's financial adviser is Goldman, Sachs & Co.'s Jason Silvers and its legal advisers are a Wachtell, Lipton, Rosen & Katz team includin gAdam Emmerich, Ben Roth and Victor Goldfeld and Arthur Cox's Brian O'Gorman.
David Marcus contributed to this report.