Varex Imaging Corp

Teledyne Technologies has agreed to acquire Varex Imaging for $18.90 per share in an all-cash deal valued at about $1.1 billion, sending Varex shares up nearly 50% before the opening bell. The boards of both companies unanimously approved the transaction, which is expected to close in early 2027. Varex CEO Sunny Sanyal called the deal an exciting new chapter, while Teledyne CEO Robert Mehrabian highlighted the complementary nature of their products. The acquisition comes just as Varex posted a third-quarter adjusted profit of 31 cents per share, beating analyst estimates by 10 cents, after recovering tariff-related costs and generating $21 million in operating cash flow. The deal gives Teledyne access to Varex's X-ray detectors suited for high-radiation environments like oncology, but integration risks loom as Varex's business serves medical, security, and industrial markets.

Teledyne Technologies has agreed to acquire Varex Imaging in a cash deal valued at nearly $1.1 billion. Teledyne will purchase all outstanding common shares of Varex for $18.90 per share, with the price including consideration of Varex's equity awards and net debt as of April 3, 2026. The transaction has been unanimously approved by both companies' boards and is expected to close in early 2027, pending regulatory and Varex stockholder approvals. Varex, which supplies X-ray sources and imaging software for medical diagnostic equipment, employs about 2,400 people across Asia, Europe, and North America.

Several stocks made significant midday moves on Monday. MarineMax soared 46% after agreeing to be sold to Blackstone Infrastructure's Safe Harbor Marinas for $53 a share in cash, or $1.5 billion, with the deal expected to close by the end of 2026. Varex Imaging climbed 48% after Teledyne Technologies agreed to buy the imaging component maker for $18.90 a share in cash, a deal expected to close in early 2027. Sionna Therapeutics collapsed 92% after its cystic fibrosis drug failed to meet key endpoints in a proof-of-concept trial, and the company said it would not advance the drug. Other notable movers included NetApp, which gained 6% after Morgan Stanley upgraded it to equal weight from underweight, and Verisk Analytics, which tumbled more than 5% after a Delaware judge ruled it must proceed with a $2.35 billion acquisition of AccuLynx. Apple dipped 2% after Jefferies downgraded the stock to underperform from hold, citing canceled plans for an all-glass iPhone. Intel fell nearly 3% after announcing a $15 billion common stock offering for general corporate purposes.

Varex Imaging reported quarterly earnings of $0.31 per share, beating the Zacks Consensus Estimate of $0.22 per share by 40.91%. Revenue came in at $210.5 million, missing the consensus estimate by 2.8% but up from $203 million a year ago. The company has surpassed consensus EPS estimates three times over the last four quarters. Shares have added about 6.5% year-to-date, underperforming the S&P 500's 13.3% gain.