Teledyne acquires Varex Imaging

Teledyne Technologies agreed to acquire Varex Imaging for $18.90 per share in cash, valuing the deal at approximately $1.1 billion, including Varex's equity awards and net debt as of April 3, 2026. The transaction was unanimously approved by both boards and is expected to close in early 2027, pending regulatory clearances and a Varex shareholder vote. Varex, based in Salt Lake City, Utah, is a pioneer in X-ray sources and digital X-ray detectors, also supplying high-voltage interconnects and imaging software to global OEMs. Its products are used in medical diagnostic imaging, non-destructive inspection, security and vehicle inspection systems. Teledyne, headquartered in Thousand Oaks, California, said the acquisition will complement its existing imaging portfolio, adding capabilities such as detectors for high-radiation environments like oncology, advanced photon counting detectors, and X-ray tubes for radiography, fluoroscopy, and computed tomography. Teledyne executive chairman Robert Mehrabian highlighted the complementary nature of the two companies' products with minimal overlap. Varex shares rose nearly 50% in pre-market trading following the announcement.