MiniMed completes split from Medtronic, becomes independent company
Medtronic accepted 55,032,401 of its own shares for 252,813,348 new MiniMed shares after the exchange offer drew 5.4 times the demand on offer
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MiniMed Group is now a fully independent company, completing its separation from Medtronic as of October 15, 2026. Medtronic accepted 55,032,401 of its own ordinary shares from shareholders in exchange for 252,813,348 newly issued shares of MiniMed common stock. The offer was oversubscribed 5.4 times, and Medtronic now holds no equity stake in MiniMed.
"Today marks the completion of our separation from Medtronic and a significant milestone for MiniMed," said Que Dallara, Chief Executive Officer of MiniMed.
Four directors, Linnea Burman, Scott Cundy, Laura Mauri and Matthew R. Walter, resigned from MiniMed's board effective October 15, 2026. The board shrank from 11 to eight members, and MiniMed named Amy Bricker, Executive Vice President and Chief Enterprise Pharmacy Officer at Walgreen Co., to fill the vacancy.
The zero equity stake left with Medtronic confirms the deal went through as a full tax-free divestiture, the structure the companies had outlined when the offer opened, letting holders swap shares at a discount rather than receive a smaller dividend-style spinoff. The 5.4 times oversubscription shows shareholders were eager to capture that arbitrage, and it also means Medtronic retired a larger block of its own stock than the base offer called for, trimming its share count further. With the diabetes unit now off its books entirely, Medtronic is left with a narrower portfolio, while the board changes at MiniMed point to a company moving to run with its own independent directors rather than carrying over ties to its former parent.