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[junkie-alert style=”red”] Medtronic plc (NYSE: MDT) today announced that it has completed the previously announced sale of its Patient Care, Deep Vein Thrombosis (Compression), and Nutritional Insufficiency businesses within the Patient Monitoring & Recovery (PMR) division of its Minimally Invasive Therapies Group (MITG) to Cardinal Health Inc. (NYSE: CAH) for $6.1 billion in cash. [/junkie-alert]
The company expects modest dilution on a net basis to its fiscal year 2018 non-GAAP earnings per share of approximately $0.18, given the transaction closed at the beginning of Medtronic’s second fiscal quarter. Medtronic intends to provide historical comparable financials, incorporate the divestiture into its fiscal year 2018 financial guidance, and discuss the financial impact of the divestiture when it reports its first fiscal quarter financial results.
Medtronic’s financial advisors on the transaction are Piper Jaffray and J.P. Morgan Securities LLC. Its legal advisors on the transaction are Wachtell, Lipton, Rosen & Katz and Baker McKenzie.