en.Wedoany.com Reported - Teledyne Technologies Incorporated and Varex Imaging Corporation (hereinafter "Varex") jointly announced that they have entered into a definitive agreement under which Teledyne will acquire all outstanding common shares of Varex for $18.90 per share in cash. The total transaction value is approximately $1.1 billion, including Varex's equity awards and net debt as of April 3, 2026. The transaction has been unanimously approved by the boards of directors of both companies.
Varex has long been engaged in the development of X-ray sources and digital X-ray detectors, supplying high-voltage interconnects and imaging software to original equipment manufacturers (OEMs) worldwide. Its X-ray tubes, flat-panel detectors, photon-counting detectors, and connectivity and control accessories are used in medical diagnostic imaging, non-destructive testing, security and vehicle inspection systems, as well as analytical and measurement applications.
Teledyne Executive Chairman Robert Mehrabian explained the complementary nature of the two companies' product lines in the announcement. Teledyne entered the healthcare market in 2011 through the acquisition of Teledyne DALSA, which had already begun developing low-dose, high-resolution CMOS-based X-ray detectors; following the acquisition of Teledyne e2v in 2017, its business expanded to include the long-term supply of magnetrons to OEMs in cancer radiation therapy. Mehrabian noted that the two companies serve similar customers with related technologies, but their products are uniquely complementary with minimal overlap. For example, although Teledyne manufactures X-ray detectors, it does not offer detectors suitable for high-radiation environments such as oncology; the new advanced photon-counting detectors for medical and industrial inspection are currently supplied only by Varex; additionally, while Teledyne produces various vacuum electronic devices such as magnetrons, it has never manufactured X-ray tubes for radiography, fluoroscopy, or computed tomography applications.
Sunny Sanyal, President, Chief Executive Officer, and Director of Varex, stated that joining Teledyne opens a new chapter for Varex. This transaction delivers substantial value to Varex shareholders and creates new opportunities for the company's customers and employees in the medical and industrial markets; Varex's X-ray technology is a natural fit with Teledyne's portfolio, and Teledyne's resources will help Varex accelerate the adoption of advanced imaging solutions and the development of next-generation products.
The transaction is expected to close in early 2027, subject to customary closing conditions, including regulatory approvals and approval by Varex shareholders. Evercore is serving as exclusive financial advisor to Varex, with Orrick, Herrington & Sutcliffe LLP acting as legal counsel to Varex; Latham & Watkins LLP and McGuireWoods LLP are serving as legal counsel to Teledyne.
