Teledyne to acquire Varex in $1.1 billion cash deal
Shares of Varex Imaging Corp. VREX.O soar 48% to $18.25, hitting their highest level since February 2024 and putting the stock on track for its biggest daily jump on record.
The medical imaging maker says Teledyne Technologies will acquire it for $18.90/share in cash.
The deal is valued at about $1.1 billion, including debt and equity awards, the companies say.
Varex makes X-ray tubes, digital detectors and imaging software used in medical scans, industrial inspection and security systems.
Teledyne said Varex's products complement its imaging and healthcare technology portfolio with minimal overlap.
The companies expect the transaction to close in early 2027, subject to regulatory and shareholder approvals.
Including session move, the stock is up about 58% year to date.
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