Medtronic to buy Covidien

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Medtronic, a global medical device maker, has announced plans to buy Covidien for $42.9 billion.

Covidien shareholders will be paid $93.22 per share, and the combined company will be based in Ireland. Medtronic is currently based in Minneapolis.

Covidien has more than 38,000 employees in 70 countries and products that include medical devices and supplies.