This transaction completes Medtronic’s separation of its diabetes unit

Davis Polk advised the dealer managers for Medtronic plc in connection with the offer by Medtronic to exchange up to 225,361,295 shares of common stock of MiniMed Group, Inc. for outstanding ordinary shares of Medtronic. The exchange offer was oversubscribed, and Medtronic accepted 55,032,401 Medtronic ordinary shares in exchange for 252,813,348 shares of MiniMed common stock owned by Medtronic, constituting the entirety of Medtronic’s nearly 90% remaining stake in MiniMed.

MiniMed is a global leader in insulin delivery, constantly advancing therapies that support people with diabetes in 80 countries. MiniMed’s full-stack, integrated ecosystem, including its insulin delivery systems, CGMs, algorithms and easy-to-use app experience, is designed to work seamlessly together, supported by white-glove, wrap-around service. For over 40 years, MiniMed has pioneered therapies people can rely on by anticipating needs, reducing burden and helping make life with diabetes easier. Its mission is to make every day a better day for people with diabetes.

The Davis Polk capital markets team included partner John B. Meade and counsel Arisa Akashi Sin. Partner William A. Curran, counsel Ziyuan (Constance) Zhang and associate Jenna Battaglia provided tax advice. All members of the Davis Polk team are based in the New York office.

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