Teledyne to acquire Varex Imaging in $1.1B deal
Teledyne Technologies has agreed to acquire Varex Imaging in a deal valued at approximately $1.1 billion, the two announced Monday.
The deal will integrate Varex’s X-ray tubes, digital detectors and other technologies into Teledyne’s growing medical imaging portfolio. Varex develops imaging components used in medical diagnostics as well as industrial, security and inspection applications. Its portfolio includes X-ray tubes, flat-panel and photon-counting detectors, high-voltage interconnects and imaging software. Leaders at Teledyne believe the acquisition of these products will complement the company’s own imaging technologies.
The acquirer first entered the healthcare imaging market through its 2011 acquisition of Teledyne DALSA, which developed low-dose, high-resolution CMOS-based X-ray detectors. Teledyne further expanded its imaging market presence in 2017 with the acquisition of Teledyne e2v, which supplies magnetrons used by cancer radiotherapy equipment manufacturers.
“While Teledyne and Varex serve similar customers with related technologies, our products are uniquely complementary with minimal overlap,” Robert Mehrabian, executive chairman of Teledyne, said in an announcement Aug. 10. “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.”
“Joining Teledyne marks an exciting new chapter for Varex,” added Sunny Sanyal, president, CEO and director of Varex. “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.”
Under the definitive agreement, Teledyne will acquire all of Varex's common stock for $18.90 per share in cash. The transaction, which was unanimously approved by both companies’ boards, is expected to close in early 2027, pending regulatory approvals and Varex shareholder approval. Investors, meanwhile, are reportedly mulling litigation aimed at blocking the transaction over concerns Varex is not getting enough in the sale.
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In addition to her background in journalism, Hannah also has patient-facing experience in clinical settings, having spent more than 12 years working as a registered rad tech. She began covering the medical imaging industry for Innovate Healthcare in 2021.