Medtronic spends $42.9B to buy Irish supply manufacturer - KMSP-TV

Medtronic spends $42.9B to buy Irish supply manufacturer

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MINNEAPOLIS (KMSP) -

It's a massive merger, but Twin Cities-based Medtronic has assured that its operational headquarters will remain in Minnesota even though it's making some big buys overseas.

The medical device mogul purchased a company called Covidien, a medical supply manufacturer based in Dublin, Ireland, in a nearly $43-billion move announced Sunday.

Once the purchase is approved by regulators, Medtronic will be the largest medical device and supply company in the world, employing more than 87,000 in 150 countries.

As part of the deal, the company agreed to move its executive headquarters to Ireland in order to take advantage of significant tax breaks -- but the company insists the "operational" HQ will stay right where it is.

Medtronic is one of the Twin Cities Top 10 largest companies by revenue, and has been based in the metro since it was founded 65 years ago. In a statement, Gov. Mark Dayton said he has been assured that no jobs will be lost as a result of the acquisition.

"We were assured that the company intends to keep its operational headquarters here in Minnesota and that no jobs will be lost here due to this transaction," the governor's statement read. "Company officials also told us that Medtronic intends to create over 1,000 new medical technology-related jobs in Minnesota during the next 5 years."

In the announcement, Medtronic said it will commit $10 billion toward technology over the next decade. The board of directors at both companies unanimously approved the move. As long as regulators approve, the transaction should be complete by early 2015.

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