Teledyne to Acquire Varex Imaging in $1.1 Billion Deal

90 per share in cash. The aggregate transaction value is approximately USD 1.1 billion, inclusive of Varex’s equity awards and net debt as of April 3, 2026. The Boards of Directors of both companies approved the transaction unanimously.

Varex develops X-ray sources and digital X-ray detectors, including flat panel and photon-counting detectors, and supplies high-voltage interconnects and imaging software to original equipment manufacturers. Its X-ray tubes, detectors, and connect-and-control accessories are used in medical diagnostic imaging as well as in industrial, security, and inspection systems. The companies highlight their product portfolios as complementary with minimal overlap, noting that Varex offers detectors for high-radiation environments such as oncology and advanced photon-counting detectors, while Teledyne produces X-ray detectors and various vacuum electronics including magnetrons for cancer radiotherapy original equipment manufacturers.

The transaction is anticipated to close in early 2027, subject to customary closing conditions, including regulatory clearances and approval by Varex stockholders. No additional terms were disclosed beyond the consideration, valuation, and process details provided.

“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,” said Sunny Sanyal, President, Chief Executive Officer and Director of Varex.