Medtronic Forks Over $500 Million Restructuring Charge

Medtronic (NYSE:MDT) said yesterday it underwent internal restructuring after its $50 billion merger with Covidien that resulted in a 1-time charge of approximately $500 million in income tax to the U.S, according to an SEC filing.

As a result, the company has freed up approximately $9.3 billion in assets previously held by U.S.-controlled subsidiaries that exist outside the country, according to the SEC filing.

Medtronic moved its legal domain from Fridley, Minn. to Ireland with the merger that closed in January.

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