Teledyne Technologies (NYSE: TDY) said on August 10, 2026 that it has struck a definitive agreement to acquire X-ray imaging specialist Varex Imaging (NASDAQ: VREX) for $18.90 per share in cash — a $1.1 billion all-cash transaction that represents a 52.3% premium to Varex's last close.
What Teledyne is buying
Varex is the world's largest independent supplier of X-ray tubes, digital flat-panel detectors and image-processing software, and it has been investing heavily in advanced photon-counting detectors for next-generation CT. Teledyne management has framed the fit as "largely complementary with limited overlap," combining Varex's medical and industrial X-ray hardware with Teledyne's existing digital-imaging and vacuum-electronics portfolio used in image sensors, defense electronics and instrumentation.
Deal mechanics and timeline
The boards of both companies unanimously approved the transaction, which is expected to close in early 2027, subject to customary regulatory reviews and Varex shareholder approval. The purchase price is a step-change premium for Varex holders after several quarters of softer medical-imaging capex, and it slots Varex into Teledyne alongside FLIR, Photonis and Excelitas-style specialty sensing businesses.
Consolidation continues in medical imaging
The Varex takeout lands amid a wave of activity across medical imaging and surgical robotics — from Bracco's FDA-cleared VueJect to Diodes' $250M Elevate Semiconductor purchase. For Teledyne, adding Varex's X-ray tube manufacturing and photon-counting roadmap gives it a full imaging stack across visible, infrared, X-ray and ionizing-radiation modalities.
Reporting based on coverage from Teledyne and Varex investor announcements, MedTech Dive and Radiology Business.