Teledyne agrees $1.1 billion Varex acquisition

• Teledyne Technologies agreed to acquire Varex Imaging for $18.90 per share in an all-cash deal valued at about $1.1 billion.
• The transaction combines Teledyne’s imaging technologies with Varex’s X-ray sources, detectors and imaging products.
• The acquisition is expected to close in early 2027, subject to regulatory approvals and Varex shareholder approval.

Teledyne Technologies (NYSE:TDY) agreed to acquire Varex Imaging (NASDAQ:VREX) for $18.90 per share in cash, with the transaction valued at approximately $1.1 billion including equity awards and net debt.

The acquisition expands Teledyne’s healthcare and industrial imaging portfolio by adding Varex’s X-ray sources, digital detectors, high-voltage interconnects and imaging software products.

The transaction has been unanimously approved by both companies’ boards and remains subject to regulatory approvals and Varex shareholder approval, with completion expected in early 2027.

Varex supplies X-ray tubes, flat panel detectors and photon counting detectors used in medical imaging, industrial inspection, security systems and measurement applications.

Teledyne said the acquisition builds on its previous healthcare imaging investments, including Teledyne DALSA and Teledyne e2v, while adding technologies that complement its existing product portfolio.

Varex Chief Executive Officer Sunny Sanyal said the transaction provides a premium for shareholders and creates opportunities to expand adoption of the company’s imaging solutions.