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Medtronic To Separate Combined Patient Monitoring And Respiratory Interventions Businesses

Healthcare technology company Medtronic plc (MDT) announced Monday its intention to separate its combined Patient Monitoring and Respiratory Interventions businesses, which are part of Medical Surgical Portfolio.

The separation is expected to better position both the new company or NewCo and Medtronic for long-term success and value creation.

Medtronic expects the separation to be completed in the next 12 to 18 months subject to the satisfaction of closing conditions.

The NewCo would be a premier partner for connected care solutions, as well as patient monitoring and critical care.

Patient Monitoring and Respiratory Interventions reside in the Respiratory, Gastrointestinal & Renal division within the Medtronic Medical Surgical Portfolio. In fiscal year 2022, the combined business with a team of more than 8,000 employees generated global revenue of around $2.2 billion.

The decision is part of the company's ongoing portfolio assessment, and would enable greater investment focus in the areas of highest strategic priority across the company.

Geoff Martha, chairman and CEO of Medtronic, said, "Looking ahead, we remain focused on active portfolio management with an ongoing process of evaluating potential additions and subtractions to further accelerate Medtronic's growth over the long-term."

Medtronic said it plans to redeploy any net proceeds consistent with its stated capital allocation priorities. The company does not expect the separation to impact its dividend policy.

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