Medtronic completed the sale of its patient care, deep vein thrombosis and nutritional insufficiency business within the patient monitoring and recovery division of its minimally invasive therapies group.
Here are five things to know:
1. Medtronic sold the portion of its patient monitoring and recovery division to Cardinal Health for $6.1 billion in cash.
2. Medtronic expects a modest dilution on a net basis to the fiscal year 2018 non-GAAP earnings per share of around $0.18 from the sale. The company plans to provide historical comparable financials and incorporate the divestiture into the 2018 fiscal year guidance.
3. When Medtronic releases its next quarterly fiscal report, the company will discuss the divestiture's financial impact.
4. Medtronic's financial advisors on the transaction were Piper Jaffray and J.P. Morgan Securities. Medtronic's legal advisors were Wachtell, Lipton, Rosen & Katz and Baker McKenzie.
5. For the 2017 fiscal year, Medtronic reported $29.7 billion in revenue, a 5 percent increase over the same period last year.