ICU teams with Linden Capital for Medtronic assets bid, Reuters reports

ICU Medical (ICUI) has teamed up with Linden Capital Partners to challenge GE HealthCare (GEHC) in its pursuit of two medical technology businesses that Medtronic (MDT) is seeking to sell for between $8B and $9B, David Carnevali of Reuters reports, citing people familiar with the process. ICU and Linden submitted an offer for the assets and is through to the second round of bidding in the auction process, sources told Reuters. GE Healthcare and Carlyle Group (CG) and Clayton, Dubilier & Rice, which have been pursuing rival offers separately, are also through to the second round, the sources added. Carlyle is bidding through its newly formed healthcare investment platform Atmas Health, the people said. They added Medtronic will opt to spin-off the assets if acquisition offers in the coming weeks do not meet its valuation expectations. Reference Link