Teledyne Technologies has entered a definitive agreement to purchase Varex Imaging in a cash transaction valued at nearly $1.1bn.
Under the terms announced by both companies, Teledyne will purchase all outstanding common shares of Varex for $18.90 per share.
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The agreed price includes consideration of Varex’s equity awards and net debt as of 3 April 2026. The transaction has been approved unanimously by the boards of directors of both parties.
Varex Imaging provides X-ray sources and imaging software to original equipment manufacturers worldwide. Its products are used in medical diagnostic imaging.
Varex president, CEO and director Sunny Sanyal said: “Joining Teledyne marks an exciting new chapter for Varex. This transaction provides a substantial premium for our shareholders and exciting opportunities for our customers and employees across the medical and industrial markets we serve.
“Our X-ray technologies fit naturally alongside Teledyne’s product portfolio, and its resources will help us accelerate adoption of our advanced imaging solutions, and development of the next generation of products.”
Completion of the acquisition is targeted for early 2027, pending customary closing conditions, including regulatory approvals and approval from Varex’s stockholders.
Teledyne executive chairman Robert Mehrabian said: “Nearly ten years ago, we expanded our presence with the acquisition of Teledyne e2v in 2017, a long-term supplier of magnetrons to cancer radiotherapy OEMs.
“Nevertheless, while Teledyne and Varex serve similar customers with related technologies, our products are uniquely complementary with minimal overlap.”
Evercore is serving as exclusive financial adviser and Orrick, Herrington & Sutcliffe as legal counsel to Varex. Legal advice to Teledyne is being provided by Latham & Watkins alongside McGuireWoods.
Varex Imaging employs around 2,400 people across Asia, Europe, and North America.
