Are ICU Medical & GE HealthCare Competing to Acquire 2 Units from Medtronic?

The two companies could be in the running to acquire Medtronic’s patient monitoring and intervention businesses, according to a report from Reuters.

Omar Ford

March 29, 2023

2 Min Read
Image Credit: Just Super/ iStock via Getty Images

GE HealthCare is facing some competition from ICU Medical in the pursuit to acquire two units being divested by Medtronic, according to a report from Reuters

The medtech giant is seeking to sell its patient monitoring and respiratory intervention units for a price between $8 billion and $9 billion, Reuters reported citing people familiar with the process.

Dublin-based Medtronic has been taking offers for the unit even though it is in preparations to spin off the businesses, according to the Reuters report. ICU Medical has submitted an offer for the assets in partnership with a buyout firm Linden Capital Partners, according to sources cited in the Reuters report.

Medtronic first announced it was spinning off the units in October of last year. GE HealthCare is actually the product of a successful spinoff. It was announced the company would separate from General Electric in 2021. The separation was completed in January.

GE HealthCare kicked off 2023 with M&A. The company first proposed a deal to acquire Imactis,  a French CT interventional guidance technology developer. Financial details were scant, however, GE HealthCare said it would fund the transaction with cash on hand.

In February, GE HealthCare would go on to sign an agreement to acquire Caption Health, a private company that specializes in using artificial intelligence to assist in conducting ultrasound scans.

The report from Reuters comes on the heels of Medtronic announcing it would offer early retirement incentives to employees as it seeks to cut costs before the end of its fiscal year next month. 

The company also announced the pricing of $2 billion of its senior notes. The firm said the net proceeds of the offering are expected to be used to repay indebtedness, which is expected to include a portion of the outstanding indebtedness under Medtronic Luxco's Japanese-yen-denominated term loan agreement.

About the Author(s)

Omar Ford

Omar Ford is MD+DI's Editor-in-Chief. You can reach him at [email protected].


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