(Adds spinoff details, background)
Oct 24 (Reuters) – Medtronic Inc said on Monday it would spin off its patient monitoring and respiratory interventions businesses into a new company, as it seeks to have a more streamlined portfolio.
The separation, expected to be completed in the next 12 to 18 months, will help the company to also unlock value from the two divested businesses, Medtronic said.
The patient monitoring technology portfolio includes Nellcor pulse oximetry and BIS brain monitoring, while the respiratory interventions portfolio comprises ventilators, airway portfolio and breathing systems.
The two businesses generated about $2.2 billion in the fiscal year ended April 29.
Shares of Medtronic were up 1.2% in premarket trade. (Reporting by Leroy Leo in Bengaluru; Editing by Krishna Chandra Eluri and Maju Samuel)
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