Imaging Scientist Intern

Teledyne to acquire Varex Imaging Corporation. Teledyne Technologies Incorporated (NYSE:TDY) ("Teledyne") and Varex Imaging Corporation (NASDAQ:VREX) ("Varex") jointly announced today that they have entered into a definitive agreement under which Teledyne will acquire all of the outstanding common shares of Varex for $18.90 per share payable in cash. The aggregate value for the transaction is approximately $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. For decades, Varex has pioneered the development of X-ray sources and digital X-ray detectors, and also provides high-voltage interconnects and imaging software to global OEM manufacturers. Varex's X-ray tubes, flat panel and photon counting detectors, and connect and control accessories are used in medical diagnostic imaging, non-destructive inspection, security and vehicle inspection systems, and analysis and measurement applications. "Teledyne entered the healthcare market with the acquisition of Teledyne DALSA in 2011, which was beginning to develop low-dose, high-resolution CMOS-based X-ray detectors. Nearly ten years ago, we expanded our presence with the acquisition of Teledyne e2v in 2017, a long-term supplier of magnetrons to cancer radiotherapy OEMs. Nevertheless, while Teledyne and Varex serve similar customers with related technologies, our products are uniquely complementary with minimal overlap," said Robert Mehrabian, Executive Chairman of Teledyne. "For example, while Teledyne produces X-ray detectors, we do not provide detectors suited for high-radiation environments such as oncology, as does Varex. In addition, only Varex provides new advanced photon counting detectors for healthcare and industrial inspection. Finally, while Teledyne produces various vacuum electronics, like magnetrons, we have never produced X-ray tubes for radiography, fluoroscopy or computed tomography applications." Sunny Sanyal, President, Chief Executive Officer and Director of Varex, commented, "Joining Teledyne marks an exciting new chapter for Varex. This transaction provides a substantial premium for our shareholders and exciting opportunities for our customers and employees across the medical and industrial markets we serve. Our X-ray technologies fit naturally alongside Teledyne's product portfolio, and its resources will help us accelerate adoption of our advanced imaging solutions, and development of the next generation of products." 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. Evercore is acting as exclusive financial advisor and Orrick, Herrington & Sutcliffe LLP is acting as legal counsel to Varex. Latham & Watkins LLP and McGuireWoods LLP are acting as legal counsel to Teledyne. About Teledyne Teledyne Technologies is a leading provider of sophisticated digital imaging products and software, instrumentation, aerospace and defense electronics, and engineered systems. Teledyne's operations are primarily located in the United States, the United Kingdom, Canada, and Western and Northern Europe. For more information, visit Teledyne's website at www.teledyne.com. About Varex Varex Imaging Corporation is a leading innovator, designer, and manufacturer of X-ray imaging components, which include X-ray tubes, digital detectors, and other image processing solutions that are key components of X-ray imaging systems, as well as X-ray imaging systems for industrial applications. Headquartered in Salt Lake City, Utah, Varex employs approximately 2,400 people located in North America, Europe, and Asia. For more information, visit vareximaging.com. Additional Information About the Acquisition and Where to Find It In connection with the proposed transaction (the "Transaction"), Varex will file with the Securities and Exchange Commission (the "SEC") a proxy statement (the "Proxy Statement") relating to a special meeting of Varex's stockholders to be held to adopt the Merger Agreement, and Varex will mail the definitive Proxy Statement to its stockholders and file other documents regarding the proposed Transaction with the SEC. This communication is not a substitute for the Proxy Statement or any other document that Varex may file with the SEC in connection with the proposed Transaction. INVESTORS AND SECURITY HOLDERS OF VAREX ARE URGED TO READ CAREFULLY AND IN THEIR ENTIRETY THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE, ANY AMENDMENTS OR SUPPLEMENTS TO THE PROXY STATEMENT, AND OTHER DOCUMENTS FILED BY VAREX WITH THE SEC IN CONNECTION WITH THE PROPOSED TRANSACTION, BECAUSE THESE DOCUMENTS WILL CONTAIN IMPORTANT INFORMATION. Investors and security holders will be able to obtain free copies of the Proxy Statement and other documents filed with the SEC by Varex through the website maintained by the SEC at www.sec.gov. Security holders will also be able to obtain free copies of the documents filed by Varex with the SEC on Varex's website at www.vareximaging.com. No Offer or Solicitation This communication is for informational purposes only and not intended to and does not constitute an offer to subscribe for, buy or sell, the solicitation of an offer to subscribe for, buy or sell or an invitation to subscribe for, buy or sell any securities or the solicitation of any vote or approval in any jurisdiction pursuant to or in connection with the proposed Transaction or otherwise, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law.

Teledyne inks $1.1B takeover of Varex Imaging. Buying Varex will increase Teledyne's exposure to the healthcare market. Teledyne said the companies' imaging technologies complement each other with minimal overlap. Published Aug. 11, 2026 Dive brief: * Teledyne Technologies said Monday it has agreed to buy Varex Imaging for about $1.1 billion. * Varex designs, manufactures and sells X-ray imaging components and other products for use in medical and industrial applications. * Teledyne provides digital imaging technologies for industrial, government and medical use but has minimal overlap between its portfolio and Varex's products. Dive insight: Teledyne entered the healthcare market in 2011 through the acquisition of DALSA, which sold imaging technologies for industrial and medical use, as well as for aerial and satellite imaging. In 2017, Teledyne acquired e2v technologies, a supplier of magnetrons to manufacturers of cancer radiotherapy devices. Medical applications are part of a digital imaging unit that generated 52% of Teledyne's sales last year. Buying Varex will further increase Teledyne's exposure to the healthcare market. Over the first nine months of its fiscal year, Varex reported net medical revenues of $435 million, down 1% on the prior year period. The company's industrial unit is smaller, with sales of $201.1 million in the period, but faster growing. Varex's medical business markets X-ray tubes, flat panel and photon counting detectors, and connect and control accessories for use in diagnostic imaging. Teledyne sells related technology to similar customers, Executive Chairman Robert Mehrabian said in a statement. Yet the companies' products "are uniquely complementary with minimal overlap," Mehrabian said. The executive said that while Teledyne produces X-ray detectors, it lacks Varex's ability to provide detectors for high-radiation environments such as oncology. Similarly, only Varex provides new advanced photon counting detectors for healthcare and industrial inspection. "Our X-ray technologies fit naturally alongside Teledyne's product portfolio, and its resources will help us accelerate adoption of our advanced imaging solutions and development of the next generation of products," Varex CEO Sunny Sanyal said in a statement. Teledyne will need regulatory approvals to close the deal. The company expects to complete the buyout early next year. Medtech M&A activity has remained high, with multiple deals worth more than $1 billion being announced or closed this year.