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Medtronic, DaVita To Jointly Form Kidney Health-Focused Company

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  • Medtronic plc (NYSE: MDT) and DaVita Inc (NYSE: DVAintend 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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