Medtronic spends $350M on another European deal
U.S. medical device maker Medtronic is building stronger ties to Europe, a couple months after announcing a nearly $43 billion acquisition that involves moving its main executive offices across the Atlantic, where it can get a better tax deal.
The Minneapolis company says it spent $350 million to buy a privately held Italian company that manages operating rooms and intensive care units for hospitals. That announcement comes a day after Medtronic said it will spend about $200 million to buy a privately held Dutch medical company.
In June, Medtronic unveiled plans to buy Ireland-based competitor Covidien Plc. in a $42.9 billion deal that will give the combined company the benefit of Ireland's lower tax rates. These overseas moves are drawing growing scrutiny from U.S. lawmakers.