TE Connectivity Ltd.
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The settlement would put to rest a dispute between former Covidien parent company Tyco and the IRS over taxes on intercompany debt. If the settlement is finalized, Medtronic’s share would be about $210 million.
The $860 million purchase agreement will give Covidien the dominant capsule endoscopy platform on the market as the company hopes for FDA approval this year of PillCam COLON 2 as a less invasive alternative for patients who are unable to undergo a colonoscopy.
Covidien is now a $9.9 billion, pure-play medical device and supplies company. Separately, the firm could be liable for more than $1 billion in back taxes due to an IRS audit of its former parent, Tyco, though the case is expected to take years to play out in court.
Many other industries underwent a similar globalization process a decade ago and essentially reinvented their approaches for the mid-tier of fast growing economies. We believe medical device MNCs can leverage many components of these strategies. Although each industry has unique dynamics and none are perfect parallels, we have focused on the similarities where we believe significant lessons can be learned.
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