Medtronic plc (NYSE: MDT), a global leader in healthcare technology, announced that its Diabetes business, which as previously announced will operate under the name MiniMed, has filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission (SEC) for a proposed initial public offering (IPO) of newly issued common stock.

The separation is expected to be completed through a series of capital markets transactions, with a preferred path of an IPO and subsequent split-off. MiniMed intends to apply to have its common stock listed on the Nasdaq Global Select Market under the symbol MMED. The number of shares to be offered and the price range for the offering have not yet been determined. The IPO is expected to commence after the completion of the SEC review process, subject to market and other conditions.

A registration statement on Form S-1 relating to these securities has been filed with the SEC but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Any offers, solicitations, or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended (the "Securities Act").

Goldman Sachs & Co. LLC, BofA Securities, Citigroup and Morgan Stanley will act as the active bookrunners for the proposed offering. Barclays Capital Inc., Deutsche Bank Securities Inc., Mizuho Securities USA LLC, Wells Fargo Securities, Evercore ISI and Piper Sandler & Co. will also act as joint bookrunning managers and BTIG, LLC and William Blair & Company, L.L.C. will act as co-managers. The proposed offering will be made only by means of a prospectus.