File - Medtronic Chairman and Chief Executive Omar Ishrak speaks at the Reuters Health Summit in New York in this file photo taken May 7, 2013. REUTERS/Brendan McDermid
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U.S. medical device manufacturer Medtronic announced Sunday night that it has agreed to buy Ireland-based competitor Covidien for $42.9 billion in cash and stock.The merged company would continue to operate in Minneapolis, where Medtronic employs more than 8,000, the companies said in a statement.Medtronic is paying a 29 percent premium on Covidien's stock price as of Friday. The deal is the latest in a series of acquisitions by medical-device manufacturers.In April, Zimmer Holdings, an orthopedic device maker, announced that it was buying Biomet in a $13 billion deal.
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