Medtronic launched an exchange offer to finalize the separation of its diabetes business, MiniMed Group, Inc. This transaction completes a process that began with a March 2026 initial public offering. Medtronic currently retains an approximate 90% stake in the unit.
Shareholders may exchange Medtronic ordinary shares for MiniMed common stock at a 7% discount. Medtronic intends to split off at least 80.1% of MiniMed's shares through this offer. The transaction offers generally tax-free treatment for participating U.S. shareholders.
The separation allows Medtronic to focus resources on its Cardiovascular, Neuroscience, and Surgical portfolios. MiniMed will operate as an independent company to pursue strategic goals in the diabetes market. Medtronic shares rose following the announcement.