Teledyne Technologies Inc., a digital imaging company based in Thousand Oaks, has agreed to acquire Varex Imaging Corp. in a deal valued at $1.1 billion.
Teledyne Technologies will pay $18.90 per share in an all-cash deal for the Salt Lake City, Utah-based X-ray imaging designer. The transaction is expected to close in 2027.
“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,” Sunny Sanyal, Varex’s president, director and chief executive, said in a statement.
Teledyne’s acquisition is another notch on the belt for a company that has long been in the healthcare market. The company made its first foray into the sector in 2011, when it bought the industrial and medical imaging firm Dalsa Corp. In February, Teledyne acquired DD-Scientific Holdings Limited and its subsidiary DD-Scientific Limited. The U.K.-based companies make electrochemical gas sensors for the medical and emissions industries.
Varix’s differentials
Varex is a vertically integrated company that designs, manufactures and sells X-ray imaging components. While it performs a similar function to some of Teledyne’s past acquisitions, Varex produces detectors for high-radiation sectors like oncology. That includes the advanced photon-counting detectors and X-ray tubes for radiography – the latter of which is unlike Teledyne’s existing magnetron electronics.
“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 a statement.
