April 18, 2017 / 11:12 AM / 5 months ago

BRIEF-Medtronic to divest part of its unit to Cardinal Health for $6.1 bln

April 18 (Reuters) - Medtronic Plc:

* Medtronic signs definitive agreement to divest a portion of its patient monitoring & recovery division to Cardinal Health for $6.1 billion

* Medtronic Plc - transaction is expected to result in an immediate positive impact to medtronic’s comparable, constant currency revenue growth rate

* Medtronic Plc - deal expected to result in modest dilution on a net basis to co’s FY 2018 non-gaap earnings per share in range of about $0.12 to $0.18

* Medtronic Plc - deal to result in immediate positive impact to co’s non-gaap comparable, constant currency operating margin of about 50 basis points

* Medtronic Plc - intends to allocate $1 billion of after-tax proceeds for incremental share repurchases in FY18

* Medtronic Plc - transaction also will include 17 dedicated manufacturing facilities

* Medtronic - among product lines included in deal are co’s dental/animal health, chart paper, wound care, incontinence, electrodes, sharpsafety offerings

* Medtronic Plc - Medtronic will retain its respiratory & monitoring solutions business as well as its renal care solutions business

* Medtronic - among product lines included in deal are co’s thermometry, perinatal protection, blood collection, compression, enteral feeding offerings Source text for Eikon: Further company coverage:

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