Teledyne Technologies has agreed to purchase Varex Imaging in a deal valued at approximately $1.1 billion in cash.
Under terms of the deal, Teledyne will acquire Varex's portfolio of x-ray tubes, flat panel and photon counting detectors, high-voltage interconnects, and imaging software used in medical diagnostic imaging, security screening, and industrial inspection for $18.90 per share. The purchase will include Varex's equity awards and net debt, the companies announced.
Teledyne said the acquisition is designed to round out its imaging portfolio by adding capabilities the company does not currently offer.
"While Teledyne produces x-ray detectors, we do not provide detectors suited for high-radiation environments such as oncology, as does Varex. In addition, only Varex provides new advanced photon counting detectors for healthcare and industrial inspection. Finally, while Teledyne produces various vacuum electronics, like magnetrons, we have never produced x-ray tubes for radiography, fluoroscopy or computed tomography applications," said Robert Mehrabian, executive chairman of Teledyne.
The transaction was unanimously approved by both boards of directors and is expected to close in early 2027 pending regulatory clearances and a Varex shareholder vote.
