Medtronic completes MiniMed separation after exchange offer
Medtronic exchanged its remaining MiniMed stake, 252,813,348 shares, in an offer 5.4 times subscribed, the company said.
Key takeaways
- Medtronic plc (MDT) completed the separation of MiniMed Group, Inc. (MMED) on Oct. 15, 2026, after its exchange offer settled, according to a regulatory filing and press release. Medtronic exchanged all of its remaining interest in MiniMed, 252,813,348 shares of MiniMed common stock, in the offer, which was 5.4 times subscribed.
Medtronic plc (MDT) completed the separation of MiniMed Group, Inc. on Oct. 15, 2026, after its exchange offer settled, the company said in a regulatory filing.
Medtronic exchanged all of its remaining interest in MiniMed in the offer. That interest totaled 252,813,348 shares of MiniMed common stock.
Under the offer, holders of MiniMed common stock could exchange their shares for outstanding Medtronic ordinary shares. The offer was 5.4 times subscribed.
Medtronic announced the full results of the exchange offer in a separate press release issued the previous day.
The separation of MiniMed from Medtronic is now complete.
The exchange agent will credit newly issued MiniMed shares in book-entry form to the accounts of tendering shareholders whose Medtronic ordinary shares were accepted. Checks in lieu of fractional shares will be delivered after the exchange agent sells the fractional shares in the open market.
Goldman Sachs & Co. LLC and BofA Securities, Inc. served as dealer managers for the exchange offer.
“Today’s separation marks an important milestone for both companies as each moves forward with a clear strategic focus,” Medtronic Chairman and Chief Executive Officer Geoff Martha said. “For Medtronic, that means putting the full weight of our organization behind advancing innovation and fueling growth across our Cardiovascular, Neuroscience and Surgical portfolios.”
Separately, the board approved the appointment of Michael Marinaro as President, Medtronic, effective Oct. 14, 2026, according to the company’s filing. Marinaro is Executive Vice President and President, Medical Surgical Portfolio, Americas, and Global Commercial Operations.
In the expanded role, Marinaro will continue his current responsibilities and will also oversee the company’s Greater China operations. Alex Gu, Senior Vice President and President, Greater China, will continue to manage those operations locally.
Marinaro will continue to report to Geoffrey S. Martha, who remains Chairman of the Board and Chief Executive Officer.
At the company’s annual general meeting on Oct. 15, shareholders elected all twelve director nominees to serve until the 2027 annual general meeting, the filing said.