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Irish Eyes May Smile On Taxes, But Medtronic Says There’s More To Covidien Deal

The $42.9 billion Medtronic-Covidien deal is the largest pure medical device deal ever. It would move Medtronic’s corporate address to Ireland, with a lower tax rate, but executives emphasize negotiating power with hospitals, product synergies and emerging-market footprint, as well as new flexibility to use overseas cash, as core rationales for the deal.

Medtronic PLC and Medtronic Minimally Invasive Therapies executives argue that their mammoth $42.9 billion merger is about much more than just the tax benefits. The firms fit together like a glove, they say.

The tax-inversion element of the acquisition – where Medtronic will move its legal domicile to Ireland, where Covidien is headquartered, to take of advantage of lower tax rates – is attracting most of the deal’s publicity so far, with good reason: Medtronic has upwards of $14

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