UPDATE: Medtronic looks to sell $5B medical supplies biz
Medtronic (NYSE:MDT) is working with advisors for a possible sale of its medical supplies business, according to a Bloomberg report.
The process is reportedly in an early stage, but the Fridley, Minn.-based company has been looking for prospective buyers for the division, which could be worth $5 billion.
The sale could happen in a single deal or through the divestiture of smaller chunks of the business, which sells general medical equipment including monitoring equipment, medical instrumentation, needles and other basic supplies.
A Medtronic spokesman declined to comment, citing the company’s policy on rumors of potential M&A or divestiture plans.
The medical supplies business reported earnings before interest, taxes, depreciation and amortization of approximately $500 million, according to Bloomberg, with the deal slated to snag in the range of 8 to 10 times that number.