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Subsequent Event
3 Months Ended
Jul. 29, 2011
Subsequent Event Abstract  
Subsequent Events Disclosure [Text Block]

Note 21 – Subsequent Events

 

On August 31, 2011, the Company acquired Salient. Salient develops and markets devices for haemostatic sealing of soft tissue and bone incorporating advanced energy technology. Total consideration for the transaction was approximately $497 million. Medtronic had previously invested in Salient and held an 8.9 percent ownership position in the company. In connection with the acquisition of Salient, the Company will recognize a gain on its previously held investment, which will be recorded within acquisition-related items in the condensed consolidated statement of earnings in the second quarter of fiscal year 2012. Net of this ownership position, the transaction value was approximately $452 million.

 

Salient's AQUAMANTYS System uses patented TRANSCOLLATION technology, which provides haemostatic sealing of soft tissue and bone at the surgical site. Salient's devices are used in a variety of surgical procedures including orthopedic surgery, spine, open abdominal, and thoracic procedures.

 

On August 31, 2011, the Company acquired PEAK. PEAK develops and markets tissue dissection devices incorporating advanced energy technology. Total consideration for the transaction was approximately $113 million. Medtronic had previously invested in PEAK and held an 18.9 percent ownership position in the company. In connection with the acquisition of PEAK, the Company will recognize a gain on its previously held investment, which will be recorded within acquisition-related items in the condensed consolidated statement of earnings in the second quarter of fiscal year 2012. Net of this ownership position, the transaction value was approximately $96 million.

 

PEAK's PlasmaBlade tissue dissection device is based on proprietary technology that represents an important advance in radiofrequency surgical technologies. The PlasmaBlades are a family of disposable cutting devices that offer the exacting control of a scalpel and the bleeding control of traditional electrosurgery without extensive collateral damage. The PEAK Surgery System is cleared for use in general, plastic and reconstructive, ENT, gynecologic, orthopedic, arthroscopic, spinal, and neurological surgical procedures in the U.S., and for use in general surgery in the European Union. In the U.S., the PEAK Surgery System was launched in July 2008 and has been used by U.S. surgeons on more than 25,000 patients.