Medtronic exchanges its remaining MiniMed shares, leaving MiniMed fully separate

On October 14, 2026, Medtronic announced the final results of its offer to exchange shares of MiniMed Group, Inc. for Medtronic ordinary shares.[1] The offer expired at the end of the day on October 9, 2026, New York City time.[1] Medtronic said that once the exchange is complete, it will not retain any of the outstanding shares of MiniMed common stock.[1]

What Medtronic announced

The exchange offer was oversubscribed, meaning Medtronic shareholders offered more shares than Medtronic would take.[1] Medtronic said it chose to exchange all of its remaining interest in MiniMed, and it will accept only part of the shares tendered, on a pro rata basis.[1] Shareholders whose Medtronic shares are accepted receive newly issued MiniMed shares, credited in book-entry form.[1]

That is all of the stock mechanics we cover here. The point for readers is simpler: after this exchange, Medtronic keeps no MiniMed shares at all.[1]

How MiniMed got here

MiniMed grew out of Medtronic's Diabetes business. When MiniMed launched the roadshow for its initial public offering (IPO) on February 24, 2026, it called itself a subsidiary of Medtronic and described the offering as part of Medtronic's plan to separate its Diabetes business into an independent public company.[4]

MiniMed closed its IPO on March 9, 2026, and its shares had begun trading on Nasdaq under the symbol "MMED" on March 6.[3] Medtronic stayed the majority owner.[3] MiniMed said that as of the closing, Medtronic owned about 90.03% of MiniMed common stock, and that Medtronic's preferred way to finish the separation was a split-off.[3]

The last step was the exchange offer, in which Medtronic shareholders could trade their Medtronic shares for MiniMed shares.[2] On September 14, 2026, MiniMed said it had filed the registration statement for the offer, and that if the offer were completed, Medtronic would no longer hold an equity stake in MiniMed.[2] The October 14 announcement confirmed that outcome.[1]

What MiniMed said about the separation

In its September 14 announcement, MiniMed quoted its chief executive, Que Dallara: "With the exchange offer underway, our separation from Medtronic is entering the final stage."[2] She added: "It does not change who we serve, but it gives us complete autonomy over our capital allocation, our product roadmap, and our speed."[2]

That is the closest either company came to describing what the separation means for customers. The October 14 release from Medtronic is about the exchange itself.[1] It does not mention pump support or sensor supplies.[1]

What this means for you

Neither the Medtronic release of October 14 nor the MiniMed release of September 14 addressed product support for people who use MiniMed insulin pumps and sensors.[1][2] Because of that, we can't tell you whether anything about your orders or support contacts will change. For anything about your treatment or switching devices, talk to your care team or pharmacist.

We will add a dated update if MiniMed or Medtronic publishes information for pump and sensor users about the separation.