Teledyne to acquire Varex Imaging in $1.1 billion deal

Aug 10 (Reuters) - Sensing-systems ‌maker Teledyne ​Technologies ​agreed to acquire Varex Imaging for $18.90 per share in an all-cash transaction valued at approximately $1.1 ‌billion, the companies said on Monday.

Shares of X-ray ⁠imaging components maker Varex jumped nearly 50% before the bell.

The ‌transaction that is expected ‌to close in early 2027 would broaden Teledyne's healthcare portfolio, which includes imaging and sensing technologies for ​medical, dental and life science applications, supporting diagnosis, treatment and clinical research.

"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," said Varex ​CEO Sunny Sanyal.

Salt Lake City-based ‌Varex's X-ray imaging components are used in medical diagnostic imaging, security inspection systems and ⁠quality inspection systems, as well as for analysis and measurement applications in industrial manufacturing applications.

The company posted third-quarter profit ⁠above Wall Street estimates on Monday as it recovered tariff-related ​costs while reeling from supply chain disruptions and China destocking trends.

"The quarter also included the recovery of tariffs that had increased ‌our product costs in prior periods. We generated $21 million of operating cash flow," ‌Sanyal said.

Quarterly adjusted profit came in at 31 cents ⁠per share, 10 cents ‌ahead of analysts' ​expectation, according to data compiled by LSEG.

(Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Joyjeet ‌Das)

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