Medtronic plc completed an exchange offer that ended its remaining ownership in MiniMed Group, Inc., finalizing a separation from the diabetes technology company after its March public listing.
Medtronic's final filing with the U.S. Securities and Exchange Commission said 297,521,390 Medtronic ordinary shares were validly tendered and not validly withdrawn. Under the offer, 55,032,401 shares were accepted and 252,813,348 newly issued MiniMed shares were issued in return. The filing said Medtronic disposed of its remaining equity interest.
When MiniMed completed its initial public offering in March 2026, Medtronic owned about 90.03% of its common stock, according to MiniMed's IPO filing. The exchange offer expired Oct. 9.
Medtronic said in its offer materials that the separation would give MiniMed more focus and flexibility, while allowing Medtronic to concentrate capital allocation on its Cardiovascular, Neuroscience and Surgical portfolios.
MiniMed’s Oct. 15 announcement named nine directors. It identifies Kevin E. Lofton as a member of Medtronic's board and Bob Hopkins as Medtronic's senior vice president and head of global strategy, indicating that some governance ties remained after the ownership change.
In its June annual report, MiniMed described added expenses from operating as a standalone public company. The costs included governance, internal controls, information systems and compliance.
