On August 10, 2026, Teledyne Technologies Incorporated and Varex Imaging Corporation jointly announced that they have entered into a definitive acquisition agreement. Teledyne will acquire all outstanding shares of Varex in an all-cash transaction at $18.90 per share, representing a total transaction value of approximately $1.1 billion.

Varex Imaging is a global leader in X-ray imaging components. Headquartered in Salt Lake City, Utah, the company employs approximately 2,500 people worldwide. Varex specializes in X-ray sources, digital detectors, high-voltage interconnects, and imaging software, with its products widely applied in medical diagnostic imaging, non-destructive industrial inspection, security and vehicle inspection, and analytical measurement applications. Of particular significance, Varex is the world's only independent supplier of commercially ready photon-counting CT detectors—a technology that substantially enhances image resolution while reducing radiation dose.

Strategic Rationale

Robert Mehrabian, Executive Chairman of Teledyne, noted that the two companies' product portfolios are "uniquely complementary with minimal overlap." Although Teledyne has steadily expanded its presence in medical imaging through the acquisitions of DALSA in 2011 and e2v in 2017, it has never produced X-ray tubes for radiography, fluoroscopy, or CT applications, nor has it offered detectors suitable for high-radiation environments such as oncology. Varex's photon-counting detectors and X-ray tube technologies precisely fill these gaps, enabling Teledyne to deliver more comprehensive imaging solutions to OEM customers worldwide.

Transaction Progress and Outlook

The transaction has been unanimously approved by the boards of directors of both companies and is expected to close in early 2027, subject to regulatory approvals and a shareholder vote by Varex stockholders. Sunny Sanyal, CEO of Varex, stated that joining Teledyne will accelerate the commercialization of advanced imaging technologies and the development of next-generation products. For Teledyne, this acquisition not only strengthens its strategic position in the healthcare market but also marks a further expansion of its footprint in the high-end digital imaging sector.

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