VREX shares surge 47% premarket after Teledyne agrees to acquire the company at $18.90 per share.
Teledyne Technologies will acquire Varex Imaging in a $1.1 billion all-cash transaction. The deal values Varex at $18.90 per share, a premium to its prior close.
VREX shares jumped 47% in premarket trading following the announcement. The transaction is expected to close later this year, pending regulatory and shareholder approval.
The acquisition expands Teledyne’s presence in medical and industrial imaging markets, leveraging Varex’s X-ray component technology.