Teledyne Technologies Incorporated is buying Varex Imaging Corporation in an all-cash transaction valued at approximately $1.1 billion, the companies announced Monday. Under the definitive agreement, Teledyne will pay $18.90 per share for all outstanding Varex common stock.
The deal, unanimously approved by both boards, is expected to close in early 2027, subject to customary conditions including regulatory clearances and Varex stockholder approval.
Why Varex?
For decades, Varex has been a go-to supplier of X-ray tubes, digital flat-panel and photon-counting detectors, high-voltage interconnects, and imaging software for global OEMs.
Its components power medical diagnostic imaging, non-destructive inspection, security and vehicle screening, and scientific measurement systems.
The acquisition will fold Varex’s X-ray imaging portfolio into Teledyne’s broader sensing, instrumentation, and healthcare businesses, strengthening Teledyne’s position in medical, dental, and life-science applications.
Deal Details and Advisors
The $1.1 billion aggregate value accounts for Varex’s equity awards and net debt as of April 3, 2026. Evercore is serving as exclusive financial advisor to Varex, with Orrick, Herrington & Sutcliffe LLP as legal counsel. Teledyne is represented by Latham & Watkins LLP and McGuireWoods LLP.
Upon closing, Varex will become a wholly owned subsidiary of Teledyne, and its shares are expected to be delisted from Nasdaq.
Leadership Comments
“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. Nevertheless, while Teledyne and Varex serve similar customers with related technologies, our products are uniquely complementary with minimal overlap,” said Robert Mehrabian, Executive Chairman of Teledyne.
“For example, while Teledyne produces X-ray detectors, we do not provide detectors suited for high-radiation environments such as oncology, as does Varex. In addition, only Varex provides new advanced photon counting detectors for healthcare and industrial inspection. Finally, while Teledyne produces various vacuum electronics, like magnetrons, we have never produced X-ray tubes for radiography, fluoroscopy or computed tomography applications,” added Robert.
Sunny Sanyal, President, Chief Executive Officer and Director of Varex, commented, “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.”
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