Teledyne to Acquire Varex Imaging in $1.1 Billion Deal

Title Photo: Varex Imaging’s Salt Lake City headquarters. Photo courtesy Varex Imaging.

Varex Imaging Corp. is being acquired by Teledyne Technologies Inc. in a merger announced 10 August, under which Teledyne will acquire all outstanding shares of Varex for $18.90 per share in cash. The deal, valued at approximately $1.1 billion including Varex’s equity awards and net debt as of 3 April 2026, has been unanimously approved by the boards of both companies and is expected to close in early 2027 pending regulatory approval and a vote by Varex shareholders.

Varex designs and manufactures X-ray tubes, digital detectors, and imaging components used in medical diagnostic imaging, nondestructive inspection, security and vehicle screening, and analysis and measurement applications. Teledyne has built a presence in adjacent imaging markets over the past 15 years, including its 2011 acquisition of Teledyne DALSA, which was developing CMOS-based X-ray detectors, and its 2017 acquisition of Teledyne e2v, a supplier of magnetrons to radiotherapy OEMs.

“While Teledyne and Varex serve similar customers with related technologies, our products are uniquely complementary with minimal overlap,” said Robert Mehrabian, Executive Chair of Teledyne. “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.”

Varex President, CEO, and Director Sunny Sanyal said the merger will create new opportunities benefiting the medical and industrial markets Teledyne and Varex serve.

“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 Sanyal.

Teledyne makes digital imaging products and software, instrumentation, and aerospace and defense electronics, with operations concentrated in the US, UK, Canada, and Western and Northern Europe. Varex, headquartered in Salt Lake City, Utah, employs about 2500 people across North America, Europe, and Asia.