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Will be completed after separation
of Varex and Varian

Varian Medical Systems to acquire PerkinElmer's medical imaging business for $276 million

by Lauren Dubinsky , Senior Reporter
Yesterday Varian Medical Systems' imaging components business announced an agreement to acquire PerkinElmer's medical imaging business for $276 million. In addition, the components business will become an independent public company called Varex Imaging Corporation in January 2017.

The acquisition is expected to be completed after the separation of Varex and Varian and after required regulatory approvals.

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PerkinElmer's medical imaging business is a supplier of digital flat-panel X-ray detectors that can be used for industrial, medical, dental and veterinary X-ray systems.

The business has about 280 employees and is headquartered in Santa Clara, California, and has operations in Germany, the Netherlands and the U.K.

"This is a natural fit for our Varex business, with complementary digital imaging products that will serve to accelerate our profitable growth with more than $140 million in new revenue," Sunny Sanyal, current president of Varian's imaging components business, who is expected to become CEO of Varex, said in a statement.

This acquisition will add new digital imaging technology to Varex's portfolio and will expand its footprint in the industrial imaging sector. It will also help to strengthen its manufacturing productivity.

Varex has plans to finance the deal by expanding its bank credit facilities to about $600 million. The company is expected to transfer about $200 million in cash to Varian as part of the separation.

Varian's imaging components business (Varex) generated about $600 million in revenues in fiscal year 2016 and has history of over 65 years in manufacturing and commercializing X-ray imaging technology.

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