In the latest—and perhaps largest—example of a U.S. company ditching its borders, medical device maker Medtronic Inc. announced Sunday that it would purchase Dublin-based Covidien in a $42.9 billion deal that would move the combined company to Ireland.

The agreement calls for Medtronic to pay $35.19 in cash and 0.956 of a Medtronic share for each Covidien share—a 29 percent premium over the Irish medical device maker’s closing price on Friday.