The businesses encompass 23 product categories across multiple market settings, including brands such as Curity, Kendall, Dover, Argyle and Kangaroo.
Combined, the units generated about $2.4 billion in revenue in the last four reported quarters, Medtronic said.
Cardinal Health's medical products unit has been a bright spot and is on track to reach mid- to high-single-digit revenue growth, at a time when investors have become more anxious about its drug distribution business, the company told Reuters earlier this month.
Medtronic's financial advisers are Piper Jaffray and J.P. Morgan Securities LLC and legal advisers are Wachtell, Lipton, Rosen & Katz and Baker McKenzie.
(Reporting by Akankshita Mukhopadhyay in Bengaluru; Editing by Sriraj Kalluvila and Martina D'Couto)
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