AbbVie Inc. agreed to buy Shire plc for 32 billion pounds ($54.8 billion), becoming the largest U.S. company to ever take a foreign address to lower its taxes.

Shire holders will receive cash and stock valued at 52.48 pounds a share, the companies said in a statement today. The price is 53 percent above Shire’s closing level on May 2, before AbbVie made its first takeover proposal.

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