Medtronic Begins Final Push to Separate MiniMed

Medtronic has begun a voluntary exchange offer to split off at least 80.1% of its shares (225,361,295) in MiniMed, formerly its Diabetes business.

MiniMed, which provides insulin delivery systems, continuous glucose monitors (CGMs), algorithms, and a digital health app, finished its $560 million IPO in March. Medtronic kept an 89.86% ownership interest in the company at the time.

The exchange offer is the next step in the company separated MiniMed into a standalone business. It gives Medtronic’s shareholders the option to exchange their shares for those of MiniMed at a 7% discount, with an upper limit of 4.5939 shares of MiniMed common stock per Medtronic ordinary share.

Tendering shareholders are expected to receive about $107.53 in MiniMed stock for every $100 of Medtronic shares tendered. Once the offer is complete, Medtronic will no longer hold equity stake and MiniMed will truly become an independent company.

“With the exchange offer underway, our separation from Medtronic is entering the final stage,” said Que Dallara, CEO of MiniMed. “It does not change who we serve, but it gives us complete autonomy over our capital allocation, our product roadmap, and our speed. Independence does not make the job easier; it simply means our execution is entirely in our own hands.”

Medtronic will set the exchange prices based on the three-day average daily volume-weighted average prices for Medtronic and MiniMed shares on the NYSE and Nasdaq, respectively, for Oct. 5-7, 2026.

The offer is subject to several conditions, including at least 112,680,647 MiniMed shares being issued and a legal opinion confirming the transaction will generally be tax-free for Medtronic and participating shareholders, except for cash received for fractional shares.

In June, MiniMed added Abbott’s dual glucose-ketone sensor to its portfolio and launched its Flex app-controlled insulin pump in the U.S.

“Today’s launch reflects our confidence in MiniMed as an independent company and in the opportunities that lie ahead,” said Medtronic Chairman and CEO Geoff Martha. “MiniMed is delivering strong results, has a rich innovation pipeline, and a leadership team with a clear vision for the future. Going forward as an independent company, MiniMed will have the focus and flexibility to build on its momentum, while Medtronic can further focus our capital allocation on our growing Cardiovascular, Neuroscience, and Surgical portfolios so we can continue accelerating our innovation and growth to bring new therapy options to patients around the world.”