MMedtronic set the final exchange ratio at 4.5939 shares of MMiniMed for each Medtronic share accepted in the split-off. The ratio fixes the terms of the separation as investors assess the standalone profile of MiniMed and the remaining Medtronic business.
Medtronic said Oct. 7 that the final exchange ratio in its previously announced split-off offer is 4.5939, covering the exchange of outstanding Medtronic ordinary shares for common stock of MiniMed Group, which trades as MMED.
The announcement formalizes the terms of a transaction already disclosed by the company rather than introducing a new operating result. The ratio determines how many MiniMed shares participating Medtronic shareholders will receive for each Medtronic share accepted in the offer.
The separation links MDT and MMED through the exchange mechanics: Medtronic shareholders tendering into the offer receive MiniMed stock, while MiniMed becomes the listed vehicle for the separated business. Company filings for the fiscal year ended April 24, 2026 show Medtronic revenue of $36.4B and MiniMed revenue of $3.1B, but those figures are older annual operating data rather than terms of the exchange announcement.
MiniMed's reported annual profile includes a 54.2% gross margin and a -10.7% net margin, alongside Medtronic's $3.73 diluted EPS. Those figures provide context for the businesses after separation, but the announcement itself establishes the exchange ratio rather than a new forecast or earnings outlook.
The next evidence will be the completion mechanics of the split-off and subsequent standalone reporting from MiniMed and Medtronic. Key items will be the number of shares ultimately exchanged, the resulting ownership distribution and each company's first post-separation operating results.
Our take
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Our read · Oct 7
Medtronic set a 4.5939 final exchange ratio for shares in the MiniMed split-off.
Why
The fixed ratio clarifies the exchange mechanics but does not by itself establish the relative value shareholders will receive; that depends on tender participation and the market prices of MDT and MMED. MiniMed's annual revenue was $3.1B with a -10.7% net margin, compared with Medtronic's $36.4B revenue and $3.73 diluted EPS, so the first standalone results will be important to test the separation's operating profile.
What could change this view
The read is invalidated if the split-off terms change or if completion mechanics materially alter the number of shares exchanged.
▲ The case it holds
The split-off could give MiniMed's $3.1B revenue business a clearer standalone valuation and leave Medtronic shareholders with a more focused remaining company.
▼ The case it breaks
MiniMed's -10.7% net margin shows the separated business is not yet profitable on the cited annual figures, limiting the immediate operating support for the exchange.
Reported by PR Newswire as Medtronic Announces Final Exchange Ratio of 4.5939 in Split-Off of MiniMed Group, Inc., . Who answers for this
Prices: 1D EOD · OCT 6 CLOSE, licensed end-of-day data.
Source: PR Newswire · Published here WED, OCT 7 · 5:31 PM ET · the only report in this record · How this is decided →
Photo: PR Newswire / file
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