Teledyne Technologies has agreed to acquire Varex Imaging for $18.90 per share in an all-cash deal valued at about $1.1 billion, sending Varex shares up nearly 50% before the opening bell. The boards of both companies unanimously approved the transaction, which is expected to close in early 2027. Varex CEO Sunny Sanyal called the deal an exciting new chapter, while Teledyne CEO Robert Mehrabian highlighted the complementary nature of their products. The acquisition comes just as Varex posted a third-quarter adjusted profit of 31 cents per share, beating analyst estimates by 10 cents, after recovering tariff-related costs and generating $21 million in operating cash flow. The deal gives Teledyne access to Varex's X-ray detectors suited for high-radiation environments like oncology, but integration risks loom as Varex's business serves medical, security, and industrial markets.
Teledyne Technologies IncorporatedTeledyne acquires Varex for $1.1B, expanding product portfolio
Varex Imaging CorpVarex acquired at $18.90/share, 50% premium, shares surge
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