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Medtronic (MDT) Completes Sale Of A Portion Of Its Patient Monitoring & Recovery Division To Cardinal Health (CAH)



7/31/2017 9:31:32 AM

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DUBLIN - July 30, 2017 - Medtronic plc (NYSE: MDT) today announced that it has completed the previously announced sale of its Patient Care, Deep Vein Thrombosis (Compression), and Nutritional Insufficiency businesses within the Patient Monitoring & Recovery (PMR) division of its Minimally Invasive Therapies Group (MITG) to Cardinal Health Inc. (NYSE: CAH) for $6.1 billion in cash.

The company expects modest dilution on a net basis to its fiscal year 2018 non-GAAP earnings per share of approximately $0.18, given the transaction closed at the beginning of Medtronic's second fiscal quarter. Medtronic intends to provide historical comparable financials, incorporate the divestiture into its fiscal year 2018 financial guidance, and discuss the financial impact of the divestiture when it reports its first fiscal quarter financial results.

Medtronic's financial advisors on the transaction are Piper Jaffray and J.P. Morgan Securities LLC. Its legal advisors on the transaction are Wachtell, Lipton, Rosen & Katz and Baker McKenzie.

About Medtronic

Medtronic plc (www.medtronic.com), headquartered in Dublin, Ireland, is among the world's largest medical technology, services and solutions companies - alleviating pain, restoring health and extending life for millions of people around the world. Medtronic employs more than 91,000 people worldwide, serving physicians, hospitals and patients in approximately 160 countries. The company is focused on collaborating with stakeholders around the world to take healthcare Further, Together.

Read at BioSpace.com


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