Teledyne Technologies Incorporated has acquired Varex Imaging Corporation in a deal valued at $1.1 billion. The transaction, structured as an all-cash purchase, brings the independent supplier of medical X-ray tubes and image processing solutions under Teledyne’s corporate umbrella. Varex shareholders will receive $31.00 per share in cash, a premium over the company’s recent trading price.
Varex Imaging, headquartered in Salt Lake City, Utah, is the world’s largest independent supplier of medical X-ray tubes and image processing solutions. Its product catalog includes high-voltage connectors, ionization chambers, mammography paddles, and solid-state automatic exposure control systems for digital imaging. The company’s components are used by X-ray system manufacturers across medical imaging, cargo screening, and border security applications. Teledyne, a diversified industrial technology firm based in Thousand Oaks, California, designs and manufactures electronics, instrumentation, and digital imaging products for aerospace, defense, and industrial markets.
The acquisition is strategic for Teledyne, which has been expanding its presence in medical and security imaging. Varex’s deep expertise in X-ray source technology complements Teledyne’s existing digital detector and imaging software portfolio. By combining these capabilities, the merged entity can offer a more complete imaging chain, from X-ray generation to image capture and analysis. Teledyne expects to leverage Varex’s established relationships with system manufacturers to cross-sell its own detector products, while Varex gains access to Teledyne’s global distribution network and engineering resources.
The deal is expected to close in the first half of the next fiscal year, subject to regulatory approvals and Varex shareholder consent. Teledyne has stated that Varex will operate as a standalone business unit within its digital imaging segment, preserving its existing customer contracts and supply agreements. The combined company will hold a stronger position in the medical imaging components market, with a broader product range and increased scale for research and development. Integration risks remain, particularly around manufacturing consolidation and customer retention, but the complementary nature of the two businesses provides a clear path for operational growth.