M&A · Tech · Electronic Components, NEC
Teledyne Technologies Inc to acquire Varex Imaging Corp
Announced Aug 10, 2026 · Pending Sep 8, 2026
Deal value$1.10BEV $1.04B
Premium52.0%To unaffected price
EV / Adj. EBITDA5.0x1.2x EV / Revenue
ConsiderationAll cash$18.90 per share
Transaction
- Acquirer
- Teledyne Technologies Inc (TDY)
- Target
- Varex Imaging Corp (VREX)
- Buyer type
- Strategic
- Offer price per share
- $18.90
- Enterprise value
- $1.04B
- Status
- Pending Sep 8, 2026
Deal protections
- Break fee (target pays)
- $25.3M · 2.3%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- Not disclosed
- To the target
- Evercore
- Evercore fee
- $36.4M
Sector context · Tech
- Comparable deals
- 66 in the prior 24 months
- Premium
- 52.0% vs. 39.0% sector median
- EV / Adj. EBITDA
- 5.0x vs. 15.4x sector median
- Break fee
- 2.3% vs. 3.0% sector median
Timeline
- AnnouncedAug 10, 2026
- Proxy filedSep 8, 2026
- Definitive proxySep 21, 2026
- Shareholder votePending
- ClosedPending
Valuation · fairness opinions
Discounted cash flow$15.00$21.50
Trading comparables$11.25$19.50
Precedent transactions$13.25$35.75
Premiums paid$15.50$20.50
Future share price$13.75$22.25
Offer $18.90
Implied value per Varex Imaging Corp share by analysis, from Evercore · DCF discount rate 12%–14%.