Minnesota public companies are still making deals — with UnitedHealth making the largest

As Minnesota companies such as 3M and Vista Outdoor become smaller by spinning off businesses, other firms are making big deals as well.

Some have made large divestitures like General Mills, which sold its Helper and Suddenly Salad brands last year for $610 million.

On the acquiring end, UnitedHealth Group made the largest deal among Minnesota companies during 2022.

The health care giant in October completed the $13 billion acquisition of Change Healthcare, which was announced in January 2021 but faced a long regulatory review process.

United's Optum subsidiary acquired Lafayette, La.-based LHC Group for $5.4 billion.

In total, the largest public company in Minnesota — and the fifth largest in the U.S. — spent $18 billion last year on acquisitions.

Another big deal came at the start of 2022 when New Brighton-based APi Group, ranked 15th on the list of Minnesota public companies, officially closed on its $3.1 billion acquisition of the fire and security business of Chubb. The integration progressed throughout the year, and the addition of Chubb fueled APG's 66% increase in annual revenue and 55% increase in net income for 2022.

Bloomington-based Donaldson Co., 21st on the list, made three life-sciences acquisitions in the past 18 months as it works to expand what has become a new reporting segment for the firm. The company purchased Isolere Bio Inc. in February, Purilogics in July and Solaris Biotechnology in November 2021.

At a recent investor day event, officials at the industrial-filter maker said they are actively looking for more acquisitions in that space.

Adhesives company H.B. Fuller, based in Vadnais Heights and ranked No. 20, spent more than $211 million to acquire United Kingdom-based Apollo and Belgium-based company Fourny nv.