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Equity Bottom-Up

<ul>
<li>The separation will occur via a two step transaction - an initial minority IPO carve-out followed by a split-off of the remaining stake.</li>
<li>Two-Step separation allows investors an early opportunity to assess and value the Diabetes business independently, while Medtronic ultimately divests full ownership over time.  Diabetes business could be valued between $8-$11B.</li>
<li>The move will allow Medtronic to focus on its faster-growing, higher-margin businesses such as pulsed field ablation and renal denervation.</li>
</ul>


The separation will occur via a two step transaction - an initial minority IPO carve-out followed by a split-off of the remaining stake.
Two-Step separation allows investors an early opportunity to assess and value the Diabetes business independently, while Medtronic ultimately divests full ownership over time.  Diabetes business could be valued between $8-$11B.
The move will allow Medtronic to focus on its faster-growing, higher-margin businesses such as pulsed field ablation and renal denervation.


Medtronic Plc. (NYSE: MDT) To Separate Its Diabetes Business