Teledyne to acquire Varex Imaging for $1.1 billion

Teledyne Technologies Incorporated and Varex Imaging Corporation have entered into a definitive agreement for Teledyne to acquire all outstanding common stock of Varex. The all-cash transaction is valued at approximately $1.1 billion, representing $18.90 per share.

The deal has received unanimous approval from the boards of directors of both companies. Varex specializes in the development of X-ray sources and digital X-ray detectors, providing components for medical diagnostic imaging, non-destructive testing, security, and vehicle inspection systems.

Teledyne Chairman Robert Mehrabian noted that while both companies serve similar customers, their product lines are complementary with minimal overlap. He highlighted that Varex offers advanced photon-counting detectors and products suitable for high-radiation environments, such as oncology, which complement Teledyne’s existing medical imaging portfolio.