The Irish High Court approved Medtronic's pending acquisition of Ireland-based Covidien.
As part of the deal, Medtronic plans to move headquarters overseas in a tax inversion strategy. Here are five things to know about the acquisition:
1. The court approved Medtronic to acquire Covidien under a new holding company, Medtronic Plc, incorporated in Ireland.
2. Medtronic anticipates the transaction will close later today as a result of the court's final approval.
3. After the acquisition, Medtronic and Covidien will continue separately on the New York Stock Exchange until the end of Jan. 26, 2015.
4. Going forward, ordinary shares of Medtronic Plc are expected to begin trading on the New York Stock Exchange tomorrow.
5. The President of the United States Barack Obama has criticized device companies moving headquarters overseas to achieve lower tax rates and Medtronic could face stiff fines for enacting the tax inversion strategy.