Varex completes acquisition of Direct Conversion

Varex completes acquisition of Direct Conversion

Press releases may be edited for formatting or style | April 30, 2019 Business Affairs
SALT LAKE CITY, April 29, 2019 /PRNewswire/ -- Varex Imaging Corporation (Nasdaq: VREX) has completed the previously announced acquisition of Direct Conversion AB (publ), a Stockholm-based leading manufacturer and marketer of linear array digital detectors utilizing photon counting and charge integrating technologies.

Varex paid €62.1 million for approximately 97.4% of the outstanding shares of common stock of Direct Conversion and assumed €2.6 million of Direct Conversion net debt for a total acquisition price of €64.7 million. In addition, the Direct Conversion shareholders will receive €10 million of deferred compensation, subject to certain adjustments, payable on the first anniversary of the closing of the transaction in a mixture of Varex common stock and cash.

Varex funded the acquisition using $7 million of available cash and $64 million of debt under its existing credit facility, as amended on March 21, 2019.

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About Direct Conversion
Under its Ajat and XCounter brands, Direct Conversion provides innovative linear array digital detector products that are incorporated into imaging systems used globally by a broad range of medical and industrial customers: systems used by orthodontists, orthopedic radiographers, oil and gas engineers, food packagers and nuclear site inspectors. Direct Conversion is one of the world's largest manufacturers of CdTe detectors. For more information about Direct Conversion visit

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. With a 65+ year history of successful innovation, Varex's products are used in medical imaging as well as in industrial and security imaging applications. Global OEM manufacturers incorporate the company's X-ray sources, digital detectors, connecting devices and imaging software in their systems to detect, diagnose and protect. Headquartered in Salt Lake City, Utah, Varex employs approximately 2,000 people located at manufacturing and service center sites in North America, Europe, and Asia.

SOURCE Varex Imaging Corporation

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