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Benzinga
Benzinga
Health
Vandana Singh

Medtronic, DaVita To Jointly Form Kidney Health-Focused Company

Medtronic DaVita NewCo NYSE DVA MDT Medtronic plc
  • Medtronic plc (NYSE:MDT) and DaVita Inc (NYSE:DVA) intend to form a new, independent kidney care-focused medical device company (NewCo).
  • NewCo will focus on developing a broad suite of novel kidney care products and solutions, including future home-based products.
  • Medtronic and DaVita will co-own the NewCo, each with equal equity stakes and led by an independent management team. 
  • Also Read: Why Are Medtronic Shares Plunging Today?
  • Medtronic will contribute to its Renal Care Solutions business, including the current product portfolio (renal access, acute therapies, and chronic therapies), product pipeline, and global manufacturing R&D teams and facilities. 
  • Both companies will provide an initial investment to fund NewCo and future certain operating capital.
  • NewCo, which will be renamed and rebranded at the close, will operate as an independent company governed by a six-person board of directors composed of two directors, each from Medtronic and DaVita and two independent directors.
  • The transaction is expected to close in 2023.
  • Price Action: DVA shares are up 2.23% at $97.55, and MDT shares are down 4.30% at $101.00 on the last check Thursday.
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