MiniMed Group Seeks $7.86 Billion Valuation in U.S. IPO as Medtronic Moves to Spin Off Diabetes Unit
MiniMed Group, Medtronic’s diabetes division, is targeting a valuation of up to $7.86 billion in a U.S. initial public offering. The unit plans to sell 28 million shares at $25 to $28 apiece to raise as much as $784 million, and Medtronic expects to complete a split-off about six months after the IPO. The move reflects Medtronic’s broader portfolio…