MiniMed in $560 Million IPO, Separation, and Credit Facility

Cleary Gottlieb is representing Medtronic plc (Medtronic), a global leader in healthcare technology, and MiniMed Group Inc. (MiniMed), the Diabetes business of Medtronic and a global leader in insulin delivery, in MiniMed’s $560 million initial public offering (IPO) and separation from Medtronic.

MiniMed is offering 28 million shares of its common stock at a price to the public of $20 per share. MiniMed has also granted the underwriters an option to purchase up to an additional 4.2 million shares of common stock. Following the IPO, Medtronic will retain approximately 90.03% of MiniMed, or 88.7% if the underwriters exercise their option in full. MiniMed intends to use a portion of the net proceeds from the IPO for general corporate purposes, with the remainder going toward repaying intercompany debt owed to Medtronic as well as additional consideration to Medtronic for certain assets transferred to MiniMed in the separation.

The IPO priced on March 5, 2026, and is expected to close on March 9, 2026, subject to customary closing conditions. MiniMed’s shares will begin trading on the Nasdaq Global Select Market on March 6, 2026, under the ticker symbol “MMED.”

Medtronic’s preferred path for the separation of MiniMed is an IPO and subsequent split-off transaction. The separation includes MiniMed’s employees, product portfolio, pipeline, intellectual property, strategic partnerships, contingent liabilities, and global manufacturing facilities.

Cleary also represented MiniMed in a senior secured credit facility related to the separation. The credit agreement provides for a five-year senior secured revolving credit facility in an aggregate amount of $500 million in revolving commitments. Citibank N.A. served as administrative agent under the credit facility, and the transaction signed on January 15, 2026. The proceeds of the financing will be used for working capital and other general corporate purposes.

Medtronic is the leading global healthcare technology company, with a team of more than 95,000 people across more than 150 countries. Medtronic’s technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more.

MiniMed is a global leader in insulin delivery, constantly advancing therapies that support people with diabetes in 80 countries. MiniMed’s integrated ecosystem, including its insulin delivery systems, continuous glucose monitors, algorithms, and easy-to-use app experience, is designed to work seamlessly together, supported by white-glove, wrap-around service.

For more information, please see the press release.

The cross-disciplinary Cleary team was led by capital markets partners Adam Fleisher and Synne Chapman, and M&A partner Kim Spoerri. The capital markets team included associates Jon Povilonis, Marcus Holtzman, Jin Kwon, Eli Wallach, and Julian Vleeschhouwer, with assistance from capital markets attorney Nina Bell and associate Sophie Low. Partner Benet O’Reilly, senior attorney Isa Julson Barahona, and associates Cierra Warren and Moliang Jiang advised on M&A matters. Partner Amy Shapiro and associates Elise Toscano, Adrienne Lewis, and Andy Xie advised on debt finance matters, with support from law clerk Tianyi Zhao. Partners Amanda Toy, Julia Petty, and Liz Dyer, and associates Hollie Chenault, Ariel Adler, John Greenberg, and Rabab Alajmi advised on executive compensation and benefits matters. Partners Jason Factor and Swift Edgar and associate Xiaoyang (Sharon) Wang advised on certain U.S. tax matters. Partner Marcela Robledo and associate Samantha Simmons advised on intellectual property and data privacy matters. Counsel Victor Chiu advised on collateral and UCC matters. Partner Beau Sterling and associate Madison Bush advised on environmental matters. Partners Chase Kaniecki, Michael Sanders, and Samuel Chang; senior attorney Jim Corsiglia; and associate Eric Hazoury advised on regulatory matters. Partners Alan Freedman and Conor Opdebeeck-Wilson advised on antitrust matters. Partners Nowell Bamberger, Mark McDonald, and Lina Bensman advised on litigation matters. Associate Ben Rosenblum advised on Investment Company Act matters, with support from law clerk Niko Gekakis.