Thousand Oaks, Calif. — Teledyne Technologies has agreed to acquire Varex Imaging Corporation in a cash transaction valued at approximately $1.1 billion, expanding Teledyne’s presence in medical and industrial X-ray imaging technologies.
Under the agreement, Teledyne will acquire all outstanding Varex common shares for $18.90 per share in cash. The transaction value includes Varex’s equity awards and net debt as of April 3, 2026.
The boards of both companies unanimously approved the transaction, which is expected to close in early 2027, subject to regulatory approvals, Varex shareholder approval and other customary closing conditions.
Varex develops X-ray sources, digital X-ray detectors, high-voltage interconnects and imaging software used by equipment manufacturers. Its technologies are used in medical diagnostic imaging as well as non-destructive inspection, security, vehicle inspection and other industrial applications.
Robert Mehrabian, Executive Chairman of Teledyne, said the companies serve similar customers but have largely complementary product portfolios.
Teledyne entered the healthcare imaging market through its 2011 acquisition of Teledyne DALSA, which was developing low-dose, high-resolution CMOS X-ray detectors. The company expanded its healthcare presence through the 2017 acquisition of Teledyne e2v, a supplier of magnetrons used by cancer radiotherapy equipment manufacturers.
Mehrabian said Varex would add capabilities that Teledyne does not currently offer, including detectors designed for high-radiation environments such as oncology applications, photon-counting detectors and X-ray tubes used in radiography, fluoroscopy and computed tomography.
“While Teledyne and Varex serve similar customers with related technologies, our products are uniquely complementary with minimal overlap,” Mehrabian said.
Varex President and CEO Sunny Sanyal said joining Teledyne would provide additional resources to expand adoption of the company’s imaging technologies and develop new products.
“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,” Sanyal said.
Evercore is serving as Varex’s exclusive financial adviser, while Orrick, Herrington & Sutcliffe is serving as its legal counsel. Latham & Watkins and McGuireWoods are advising Teledyne.
