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Medtronic to Buy Device Maker Covidien for $42.9 Billion

Medtronic Inc., the second-largest maker of medical devices, agreed to buy Covidien Plc for $42.9 billion in cash and stock as it transforms into a broader-based company bolstered by new tax advantages.

Medtronic will pay the equivalent of $93.22 for each share of Dublin-based Covidien, or about 29 percent more than Covidien’s New York closing price of $72.02 on June 13, the companies said yesterday in a statement. The combined company, called Medtronic Plc, will be based for tax purposes in Ireland.