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ICU Medical and GE HealthCare reportedly vying for two Medtronic business units

by Gus Iversen, Editor in Chief | March 29, 2023
Business Affairs
GE HealthCare is facing competition from ICU Medical in pursuit of two Medtronic business units valued at $8 billion to $9 billion, according to Reuters.

Sources told the news outlet that ICU Medical, a California-based medical device maker specializing in IV therapy products, has submitted an offer for the assets in partnership with buyout firm Linden Capital Partners, and is through to the second round of bidding in the auction process.

GE Healthcare and private equity firms Carlyle Group Inc. and Clayton, Dubilier & Rice (CD&R), which have been pursuing rival offers separately, are also through to the second round, the anonymous sources added.

Medtronic, the world's largest stand-alone medical device maker, announced plans in October to spin off its patient monitoring and respiratory interventions units in an effort to streamline its portfolio. Plans called for the spun off business to be called NewCo.

The Dublin-based company will opt for the spinoff if acquisition offers for the assets in the coming weeks do not meet its valuation expectations, the sources told Reuters.

In December, Siemens Healthineers and GE HealthCare were rumored to be contemplating an acquisition of the two business units.

In September of 2021, ICU Medical acquired the Smiths Medical division from Smiths Group PLC for $2.35 billion.

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