Teledyne Technologies Incorporated (NYSE:TDY) has announced a definitive agreement to acquire Varex Imaging Corporation (NASDAQ:VREX) in a deal valued at approximately $1.1 billion.
Under the terms of the agreement, Teledyne will purchase all outstanding common shares of Varex for $18.90 per share in cash.
The acquisition is expected to close in early 2027, marking a significant expansion for Teledyne in the imaging technology sector.
Evercore is serving as the exclusive financial advisor to Varex, with legal counsel provided by Orrick, Herrington & Sutcliffe LLP.
Teledyne's legal counsel includes Latham & Watkins LLP and McGuireWoods LLP.
“Teledyne entered the healthcare market with the acquisition of Teledyne DALSA in 2011, which was beginning to develop low-dose, high-resolution CMOS-based X-ray detectors. Nearly ten years ago, we expanded our presence with the acquisition of Teledyne e2v in 2017, a long-term supplier of magnetrons to cancer radiotherapy OEMs." said Robert Mehrabian, Executive Chairman of Teledyne