Teledyne to buy X-ray maker Varex for $1.1B in cash
What's the deal? Teledyne TechnologiesDealroom has a profile for this one. Try Dealroom → has agreed to acquire Varex Imaging CorporationDealroom has a profile for this one. Try Dealroom → for $18.90 per share in cash, a deal valued at roughly $1.1 billion. The price accounts for Varex's equity awards and net debt as of April 3, 2026, and both companies' boards unanimously approved the transaction.
Who's involved? Varex develops X-ray sources and digital X-ray detectors, and supplies high-voltage interconnects and imaging software to global manufacturers. Its X-ray tubes, flat panel and photon counting detectors serve medical diagnostic imaging, non-destructive inspection, security and vehicle inspection, and measurement applications.
What's the endgame? Teledyne is deepening its healthcare push, which began with its 2011 acquisition of Teledyne DALSADealroom has a profile for this one. Try Dealroom → and expanded with Teledyne e2vDealroom has a profile for this one. Try Dealroom → in 2017. Executive chairman Robert Mehrabian said the two companies' products are "uniquely complementary with minimal overlap."
The rationale: Teledyne produces X-ray detectors but none suited for high-radiation environments such as oncology, where Varex operates. Varex also supplies advanced photon counting detectors, while Teledyne makes vacuum electronics like magnetrons but has never produced X-ray tubes for radiography, fluoroscopy or computed tomography.
What changes? Varex chief executive Sunny Sanyal said the deal offers "a substantial premium for our shareholders" and would help accelerate adoption of its imaging solutions using Teledyne's resources. He framed the combination as a natural fit across the medical and industrial markets Varex serves.
The signal: The acquisition extends a run of bolt-on deals through which Teledyne has built a healthcare and imaging franchise over 15 years. By absorbing Varex's X-ray tube and detector lines, it consolidates complementary technologies under one roof and stakes a larger claim in medical and industrial imaging.
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