Bloomberg: Medtronic arranging sale of medical supplies business

Minneapolis-based Medtronic is preparing to sell part or all of its medical supplies business, an unnamed source told Bloomberg.

While Medtronic has sought prospective buyers for the unit, arrangements are still in early stages, the source said.

The medical supply unit, which sells everything from needles to monitoring equipment, could be valued at up to $5 billion. The sale would mainly offload assets Medtronic gained through its $42.9 billion acquisition of Covidien in 2014, according to the report.

It's unknown whether Medtronic will sell the medical supplies unit as a whole or split the unit into smaller divestitures, reports Bloomberg.

A Medtronic spokesman told Becker's the company does not comment on rumors of divestitures.

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