Teledyne Technologies Incorporated (NYSE: TDY) (Teledyne) and Varex Imaging Corporation (Nasdaq: VREX) (Varex) jointly announced that they have entered into a definitive agreement under which Teledyne will acquire all of the outstanding common shares of Varex for US$18.90 per share payable in cash. The aggregate value for the transaction is approximately US$1.1 billion, taking into account Varex’s equity awards and net debt as of April 3, 2026. The transaction was unanimously approved by the boards of directors of Teledyne and Varex. This transaction is anticipated to be completed in early 2027 and is subject to customary closing conditions, including regulatory approvals and Varex’s stockholder approval.
Latham & Watkins LLP represents Teledyne in the transaction with a corporate deal team led by Los Angeles partner Steven Stokdyk and Orange County partner Darren Guttenberg, with associates Andrew Forgy, Danny Del Giorno, and Skyler Ligon. Advice was also provided on benefits matters by New York partner Erica Schohn, with associate Peter Dalmasy; and on tax matters by Los Angeles partner Ana O’Brien, with Washington, D.C. associate Arash Lotfi.
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