Thousand Oaks, California & Salt Lake City, Utah, August, 10, 2026
Teledyne Technologies Incorporated and Varex Imaging Corporation have announced a definitive agreement under which Teledyne will acquire all outstanding common shares of Varex for $18.90 per share in cash, in a transaction valued at approximately $1.1 billion, including Varex’s equity awards and net debt as of April 3, 2026. The proposed acquisition, which was unanimously approved by the boards of both companies, represents a significant M&A development in the medical imaging and MedTech sector. The transaction is expected to strengthen Teledyne’s healthcare technology portfolio while expanding its capabilities in advanced X-ray imaging, detectors and related technologies.
Expanding Advanced X-Ray Imaging Capabilities
Varex Imaging has decades of experience developing X-ray sources, digital X-ray detectors, high-voltage interconnects and imaging software for original equipment manufacturers around the world. Its technologies are used across a broad range of applications, including medical diagnostic imaging, non-destructive inspection, security systems, vehicle inspection, and analysis and measurement. The company’s portfolio includes X-ray tubes, flat-panel detectors and photon-counting detectors, positioning Varex as an important technology provider within the global imaging ecosystem.
The proposed acquisition is expected to bring together complementary capabilities from both companies. Teledyne said its existing healthcare activities include X-ray detectors and vacuum electronics, while Varex contributes specialized technologies that address areas where Teledyne currently has limited or no product overlap. In particular, Varex provides X-ray tubes for radiography, fluoroscopy and computed tomography, as well as advanced photon-counting detectors for healthcare and industrial inspection. Varex also develops detectors designed for high-radiation environments, including applications in oncology.
Strategic M&A Deal Targets Next-Generation Imaging
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For Teledyne, the acquisition represents an opportunity to expand its position in medical imaging technology and build on previous investments in healthcare-related imaging businesses. The company entered the healthcare market through its acquisition of Teledyne DALSA in 2011 and later expanded its capabilities through the acquisition of Teledyne e2v in 2017. According to Teledyne, Varex’s products are uniquely complementary to its existing portfolio, with limited overlap between the businesses. This combination could support broader technology offerings for medical and industrial customers while accelerating development of advanced imaging solutions.Varex President, Chief Executive Officer and Director Sunny Sanyal said the transaction provides opportunities for customers and employees while enabling the company’s X-ray technologies to benefit from Teledyne’s resources. The companies expect the combination to support the continued adoption of advanced imaging solutions and development of next-generation products across the medical and industrial markets. The acquisition is currently expected to close in early 2027, subject to customary closing conditions, including regulatory approvals and approval from Varex stockholders. Until those conditions are satisfied, the transaction remains subject to the risks and uncertainties associated with completing a proposed merger.
The proposed $1.1 billion Teledyne-Varex transaction highlights continued consolidation and strategic investment in advanced medical imaging technologies. By combining Teledyne’s digital imaging and engineered systems capabilities with Varex’s established X-ray tubes, detectors and imaging technologies, the deal could create a broader platform for innovation serving diagnostic imaging, oncology and industrial inspection markets. The transaction therefore represents a notable development for the MedTech and medical imaging industry, subject to completion of the required regulatory and shareholder processes.
Source: Teledyne Technologies, Varex Imaging press release
