Healthcare technology company Medtronic plc (NYSE:MDT) announced on Thursday that it has completed its separation of MiniMed Group Inc (Nasdaq:MMED).

Medtronic elected to exchange all of its remaining interest in MiniMed (a total of 252,813,348 shares of common stock) in its previously announced offer to exchange shares of MiniMed common stock for outstanding Medtronic ordinary shares, which was 5.4x subscribed.

"Today's separation marks an important milestone for both companies as each moves forward with a clear strategic focus," said Geoff Martha, Medtronic chairman and CEO. "For Medtronic, that means putting the full weight of our organisation behind advancing innovation and fueling growth across our Cardiovascular, Neuroscience and Surgical portfolios."