The acquired businesses include 23 product categories across various market settings, comprising of multiple brands such as Curity, Kendall, Dover, Argyle and Kangaroo.

For one fiscal year ending October 2016, the acquired businesses reported revenues of around $2.3bn.

Once the deal concludes, the acquired businesses will be included in Cardinal Health's medical segment, which was headed by segment's CEO Don Casey.

The divested businesses comprised of offerings, including dental/animal health, chart paper, wound care, incontinence, electrodes, SharpSafety, thermometry, perinatal protection, blood collection, compression, and enteral feeding products.

In addition, Cardinal Health will acquire 17 manufacturing facilities.

Medtronic is holding its respiratory and monitoring solutions business that includes airway, ventilators, monitors, sensors, and health informatics product lines, as well as renal care solutions business.

Subject to receipt of customary regulatory approvals and satisfaction of other customary closing conditions, the deal is expected to complete in the second quarter of Medtronic’s fiscal year 2018.

Cardinal Health chairman and CEO George Barrett said: "We are thrilled about today's announcement, as this well-established product line is complementary to our medical consumables business and fits naturally into our customer offering. For this reason, this product portfolio has been on our radar for many years.”

Medtronic chairman and CEO Omar Ishrak said: "Medtronic has had a specific focus over the past several years on ensuring that we are delivering compelling clinical and economic value to health systems and patients around the world.”

Image: Medtronic operational headquarters. Photo: courtesy of Medtronic.