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Home Industry News Medtronic completes sale of business assets to Cardinal Health

Medtronic completes sale of business assets to Cardinal Health

31st July 2017

Medtronic has announced the completion of the sale of selected patient monitoring and recovery assets to Cardinal Health.

The $6.1 billion (4.65 billion pounds) deal sees ownership of Medtronic's patient care, deep vein thrombosis and nutritional insufficiency businesses transfer to Cardinal Health, allowing Medtronic to focus on other areas of strategic importance.

These assets were formerly part of the patient monitoring and recovery division of Medtronic's minimally invasive therapies group. The firm retains ownership of its respiratory and monitoring solutions and renal care solutions businesses, which were part of the same portfolio.

Commenting at the time the deal was agreed, Omar Ishrak, Medtronic's chairman and chief executive officer, said: "This is a positive transaction for all involved – Medtronic, Cardinal Health and our respective shareholders and employees – who we believe will all thrive under this change in ownership."

The businesses sold to Cardinal Health generated approximately $2.4 billion in revenue over the last four reported quarters, with the transaction also including 17 dedicated manufacturing facilities.

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