Teledyne to acquire Varex Imaging in $1.1 billion deal

Teledyne Technologies has agreed to acquire Varex Imaging Corp. in an all-cash transaction valued at approximately $1.1 billion. Under the terms of the merger, Teledyne will pay $18.90 per share, representing a significant premium over Varex’s recent closing price of $12.41.

The acquisition, which has been unanimously approved by the boards of both companies, is expected to close in early 2027 pending shareholder approval and regulatory clearances. The deal aims to expand Teledyne’s medical imaging portfolio by integrating Varex’s expertise in X-ray tubes, digital detectors, and image-processing software.

The announcement coincided with Varex’s third-quarter fiscal 2026 financial results, which showed revenue of $210.5 million, a 4% increase year-over-year. While revenue slightly missed some analyst estimates, the company reported earnings per share of $0.31, exceeding the consensus estimate of $0.21. Due to the pending transaction, Varex has canceled its earnings conference call and will not provide future financial guidance.