In early June, medical device maker Covidien (NYSE: COV) announced it would purchase Ev3 (Nasdaq: EVVV) for $2.6 billion in cash, a deal that roughly represented a 19% premium over Ev3's share price. The move will help Covidien expand its reach in the vascular market -- a shift the company has said is integral for future growth.

Only a few weeks later, Covidien is making splashes once more -- this time announcing it plans to acquire small-cap device maker Somanetics (Nasdaq: SMTS). The $25-per-share offer was a 32% premium over Somanetics' price -- certainly nothing to sneeze at.

According to BMO analyst Joanne Wuensch, "Covidien management has been very straightforward about the game plan, which has been to sell off lower margin businesses and buy higher margin businesses. And they continue to do so."

Both purchases seem to make sense for Covidien from a tactical perspective: The question remains whether or not the strategy will bear enough fruit through expanded products and synergies to justify such hefty price tags.

What do you think about Covidien's recent foray into massive mergers and acquisitions? Does it make sense in the long run? Log into Motley Fool CAPS or drop a comment below.

Jordan DiPietro doesn't own shares of the companies above. Covidien is a Motley Fool Inside Value choice. Try any of our Foolish newsletters today, free for 30 days. The Motley Fool has a disclosure policy.