Medtronic acquiring Covidien for $42.9 billion

MINNEAPOLIS AND DUBLIN – Medical-device maker Medtronic Inc. plans to acquire medical-device maker Covidien plc in a cash-and-stock deal valued at $42.9 billion, the two companies announced Sunday.

Minneapolis-based Medtronic (NYSE: MDT) and Dublin, Ireland-based Covidien (NYSE:COV) have operations in Boulder County.

Medtronic said the cash-and-stock transaction would be valued at $93.22 per Covidien share, a 27 percent premium over its closing price on June 13, the final trading day prior to the announcement. Covidien’s stock mid-day Monday was trading at $86.93.

The boards of directors of both companies have approved the transaction. Combined, the two companies have annual revenue of $27 billion,…