FTC approves Medtronic's acquisition of Covidien

Medtronic and Covidien have announced the receipt of U.S. Federal Trade Commission (FTC) clearance of Medtronic's proposed acquisition of Covidien. The FTC's clearance follows Medtronic and Covidien's agreement to a proposed consent order, which includes a commitment to divest certain assets related to Covidien's drug-coated balloon catheter product. As previously announced, a subsidiary of Covidien entered into an agreement to divest these assets to The Spectranetics Corporation and the divestiture is expected to close shortly following completion of Medtronic's acquisition of Covidien. Medtronic's acquisition of Covidien is expected to close in early 2015 after receipt of certain additional regulatory clearances and approvals by both companies' shareholders and sanction by the High Court of Ireland.