Teledyne Technologies agreed on 10 August to acquire Salt Lake City-based Varex Imaging for $18.90 per share in cash, a transaction valued at about $1.1bn.
Why Teledyne Technologies is buying Varex Imaging
Teledyne said Varex's products complement its own, citing Varex's detectors for high-radiation oncology settings, its photon-counting detectors and X-ray tubes for radiography and CT, none of which Teledyne makes.
“while Teledyne and Varex serve similar customers with related technologies, our products are uniquely complementary with minimal overlap”
Deal terms and financing
The aggregate value of about $1.1bn takes account of Varex's equity awards and net debt as of 3 April 2026. Both boards approved the deal unanimously.
Regulatory approvals and timing
Completion is expected in early 2027, subject to regulatory approvals and a Varex stockholder vote; Varex filed its definitive proxy in September.
Market context
Varex employs about 2,400 people in North America, Europe and Asia. Teledyne entered healthcare imaging through Teledyne DALSA in 2011 and Teledyne e2v in 2017.
