Covidien (UNKNOWN:COV.DL) shares are up more than 20% today on stellar news that dividend aristocrat Medtronic (NYSE:MDT) is moving in to acquire the medical device maker for $42.9 billion. Inevitably, there is a lot of information in the press release -- so let's condense it down to three quick things you need to know.

In the video below, health care analyst Michael Douglass lays out the three quick facts about the proposed Covidien-Medtronic deal that immediately piqued his interest, and why the price looks like an exciting deal for Covidien shareholders.