Siemens Healthineers and GE Healthcare are each rumored to be contemplating the possible acquisition of two business units being spun off by Medtronic, Bloomberg reported on Thursday, citing people familiar with the matter.

Medtronic, the world's largest stand-alone medical device maker, announced plans in October to spin off its patient monitoring and respiratory interventions units in an effort to streamline its portfolio. The spun off business will be called NewCo.

“Independently, NewCo will be a leading connected care company with a compelling leadership position, attractive margins, and potential for growth acceleration with increased investment and dedicated capital allocation," said Geoff Martha, chairman and CEO of Medtronic, in a statement at the time.

Medtronic is open to a sale at the right price, Bloomberg reported, and the two businesses could be valued at more than $7 billion.

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