Medtronic completes $49.9bn acquisition of Covidien

Medtronic has completed its acquisition of Covidien, in a deal worth $49.9 billion (33 billion pounds), making it the largest medical device company in the world.

The two firms began drafting an integration strategy before the agreement was finalised, but there's still more work to do. Medtronic has revealed plans to cut $850 million in expenses for the combined business by the end of 2018.

Originally, the deal was valued at around $43 billion, but the closing price ended up being higher due to stock appreciation.

Ireland-based Covidien opened a 63,000-sq ft research and development centre in Boulder County, Colorado, back in 2012. Medtronic also has sites in the state, with facilities in Denver, Louisville and Parker.

The governor of Colorado, John Hickenlooper, recently met with chairman and chief executive of Medtronic Omar Ishrak to discuss ways in which the company could maintain jobs at its newly-acquired firm and use the state's infrastructure to expand employment.

Mr Ishrak revealed plans to invest $10 million in research and development over the next three-and-a-half years, but added that the money would be spent in Massachusetts, Minneapolis and California.