Siemens Healthineers AG and General Electric Co.’s healthcare arm are among parties studying a potential acquisition of two businesses being spun off by medical device maker Medtronic Plc, people familiar with the matter said.

Medtronic’s patient-monitoring and respiratory-intervention businesses are also drawing interest from private equity firms, the people said, asking not to be identified discussing confidential information.

Dublin-based Medtronic is in the process of spinning off the units but is open to outright sales at the right price, according to the people. The businesses could be valued at more than $7 billion, they said.

Deliberations are ongoing and there’s no certainty they’ll lead to any offers. Strategic suitors may find themselves constrained by their own debt levels, while private equity firms could decide to wait until financing conditions for large transactions improve, the people said.

Medtronic announced in October its intention to spin off the two units within the next year to 18 months. A spokesperson for Medtronic said it continued to assess these plans, declining to comment further. Representatives for GE Healthcare and Siemens Healthineers declined to comment.

Medtronic’s move to separate its patient-monitoring and respiratory units is part of a broader trend across the medical device and pharmaceutical industries that’s seen companies from Pfizer Inc. to Becton Dickinson and Co. examine product lines and hive off unwanted assets.

General Electric is separating its healthcare division into GE Healthcare as part of a broader restructuring at the former manufacturing titan. Siemens Healthineers was spun off from Siemens AG in 2018 and acquired Varian Medical Systems for $16.4 billion last year.

Earlier this year, Medtronic announced a plan to move another part of its its respiratory, gastrointestinal and renal division — renal care solutions — into a separate business to be jointly owned with DaVita Inc.