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Back before Omar Ishrak retired last year as the chief executive of Medtronic PLC, run out of Fridley, it s unlikely the board ever gave him $15 million to buy whatever he wanted.
Yet Medtronic seems ready to give that to him now that he s the co-founder and chairman of the board of something called Compute Health Acquisition Corp.
What Compute Health will do with Medtronic s money can t be known, because this is a special purpose acquisition company, usually called a SPAC or a blank check company.
It s going public without a business, so there s nothing to analyze or carefully weigh against any other alternatives for Medtronic s $15 million.
Former Medtronic CEO Omar Ishrak leads health care company seeking $750M IPO Medtronic interested in buying 1.5 million shares of the company, Compute Health. January 20, 2021 9:40pm Text size Copy shortlink:
Former Medtronic CEO and current Intel Chairman Omar Ishrak is one of the leaders of a new health-tech company that has filed for a $750 million initial public offering.
Compute Health Acquisition Corp. is what is called a blank check company, hoping to build itself by investing or buying businesses that are at the intersection of computation and health care.
Compute Health could start with strong ties to the company Ishrak led as CEO from 2011 to last spring. Medtronic has expressed interest in buying 1.5 million units in the IPO, according to a filing with the Securities and Exchange Commission.