Teledyne acquires Varex Imaging for $1.1B
Thousand Oaks-based Teledyne Technologies made one of the largest acquisitions of any Central Coast-based company this year when it announced it would be purchasing Varex Imaging for $1.1 billion.
Announced Aug. 10, Teledyne said it would be acquiring all of the outstanding common shares of Varex for $18.90 per share payable in cash, valuing the deal at about $1.1 billion, taking into account Varex’s equity awards and net debt as of April 3, 2026. The transaction was unanimously approved by the boards of directors of Teledyne and Varex, according to the press release.
Varex has specialized in the development of X-ray sources and digital X-ray detectors and also provides high-voltage interconnects and imaging software to global OEM manufacturers. Teledyne Chairman Robert Mehrabian said while both companies serve similary customers, “our products are uniquely complementary with minimal overlap.”
“For example, while Teledyne produces X-ray detectors, we do not provide detectors suited for high-radiation environments such as oncology, as does Varex. In addition, only Varex provides new advanced photon counting detectors for healthcare and industrial inspection. Finally, while Teledyne produces various vacuum electronics, like magnetrons, we have never produced X-ray tubes for radiography, fluoroscopy or computed tomography applications,” he said.
Sunny Sanyal, president and CEO of Varex, agreed saying, “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.”
This transaction is anticipated to be completed in early 2027.
Evercore is acting as exclusive financial advisor and Orrick, Herrington & Sutcliffe LLP is acting as legal counsel to Varex. Latham & Watkins LLP and McGuireWoods LLP are acting as legal counsel to Teledyne.
