Are Siemens Healthineers & GE Healthcare Interested in Medtronic’s Spin-Offs?

How’s this for a medtech rumor to close out 2022.

Siemens Healthineers and GE Healthcare could be interested in acquiring two units Medtronic is spinning off, according to a report from Reuters.

The Dublin-based company announced in October it was spinning its patient monitoring and respiratory interventions businesses into a new company. Medtronic enacted this measure to streamline its portfolio.

Since the pandemic, Medtronic has struggled a bit posting less-than-stellar earnings. Last month, the company cut its guidance and attributed the lower-than-expected revenue to supply chain issues and economic inflation.

According to a report from Bloomberg, citing people close to the matter, Medtronic was open to a sale and the businesses could be valued at more than $7 billion, according to a report from Bloomberg, citing people close to the matter.

The rumored potential deals come at an interesting time for GE Healthcare. The firm is in the process of being spun off from its parent company GE. The measure is part of a split that would see GE’s renewable energy, power, and digital businesses combined into a separate company and have the aviation unit as another standalone company.

The Reuters and Bloomberg reports also come on the heels of Siemens Healthineers wrapping up the integration progress of Corindus Vascular Robotics. The unit will now be called Siemens Healthineers Endovascular Robotics and will sit as a dedicated business within the Advanced Therapies area of the company.

Siemens Healthineers closed its $1.1 billion acquisition of Corindus in October of 2019. The company announced the deal in August of 2019.