Medtronic completes MiniMed separation via share exchange

Medtronic plc has completed the separation of MiniMed Group, Inc., concluding a process that saw the exchange of all remaining Medtronic holdings in the diabetes care unit. Medtronic, listed on the NYSE as MDT, announced the finalization of the spin-off on October 15, 2026, from its headquarters in Galway, Ireland.

The completion followed a previously announced offer in which Medtronic exchanged its residual stake in MiniMed, totaling 252,813,348 shares of MiniMed common stock, for outstanding Medtronic ordinary shares. The exchange offer was 5.4 times subscribed. MiniMed is now traded independently on the Nasdaq under the ticker MMED. Full details regarding the results of the exchange offer were provided in a separate press release issued on October 14, 2026.

Geoff Martha, Medtronic Chairman and Chief Executive Officer, stated that the separation marks a strategic milestone for both entities. He noted that Medtronic will now direct its organizational resources toward advancing innovation and growth within its Cardiovascular, Neuroscience, and Surgical portfolios. Martha expressed pride in the collective achievements of MiniMed and Medtronic and the impact they have had on patients with diabetes.

Operational logistics for the share exchange are being handled by the exchange agent, which will credit newly issued MiniMed common shares in book-entry form to accounts held by tendering shareholders. Any fractional shares resulting from the exchange will be aggregated and sold in the open market, with checks issued in lieu of these fractional amounts to affected shareholders. Goldman Sachs & Co. LLC and BofA Securities, Inc. served as dealer managers for the transaction.

Medtronic describes itself as a global healthcare technology company with more than 95,000 employees operating in over 150 countries. The company’s technologies address 70 health conditions and include cardiac devices, surgical robotics, and patient monitoring systems. The separation allows Medtronic to focus on its core medical technology divisions while MiniMed operates as an independent publicly traded company.

The press release includes forward-looking statements subject to risks and uncertainties. These include potential effects of the exchange offer on both companies, Medtronic’s ability to realize anticipated benefits from the separation, and MiniMed’s capacity to succeed independently. Other cited risks involve competitive factors, manufacturing and marketing difficulties for medical products, government regulation, geopolitical conflicts, and changing global trade policies. Medtronic notes that actual results may differ materially from anticipated outcomes and does not undertake to update forward-looking statements to reflect future events.