Varian Medical Systems has reached an agreement to acquire PerkinElmer’s Medical Imaging Business as an addition to the Varian Imaging Components business, which is set to become an independent public company, Varex Imaging Corporation.  

The acquisition is expected to close after the planned seperation of Varex from Varian and after following steps are approved. Varex will acquire PerkinElmer's Medical Imaging business by paying $276 million. The acquisition will be contingent depending on the satisfaction of customary closing conditions. 

"This is a natural fit for our Varex business with complementary digital imaging products that will serve to accelerate our profitable growth with more than $140 million in new revenue," said Sunny Sanyal, the current president of Varian's Imaging Components business who is expected to become CEO of Varex in a statement. 

Varex is planning to finace this acquisiton through an expansion of its bank credit facilities. Varex is also expected to transfer about $200 million in cash to Varian to complete their seperation. 

"Combining our medical imaging business with Varian's capabilities will better position the business to support its customers and continue to innovate and develop new imaging systems," said PerkinElmer Chairman and CEO Robert Friel in a statement. "In addition, the divestiture will allow PerkinElmer to focus our investments and accelerate growth in higher priority areas."