Varian Medical Systems puts up $276m for PerkinElmer ’ s medical imaging biz

Varian Medical (NYSE:VAR) said today that it agreed to put up $267 million to acquire the medical imaging business of PerkinElmer Inc. (NYSE:PKI) for the planned spinout of its Varex imaging components unit next month. The 280-worker PerkinElmer segment is an OEM business that makes digital flat panel X-ray detectors for industrial, medical, dental and veterinary X-ray imaging systems. Varian said Varex plans to finance the buyout of the Santa Clara, Calif.-based operation by expanding its credit line to $600 million;l the deal is expected to close after the Varex spinout concludes in January 2017. The PerkinElmer imaging business also has facilities in Germany, Holland and the U.K., Varian said. Earlier this month Varian said it will receive $200 million from the Varex Imaging spinout. “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,” soon-to-be Varex CEO Sunny Sanyal said in prepared remarks. “This acquisition would add new digital imaging technology to our portfolio that would enable us to offer customers a broader range of imaging solutions and provide us with additional cross-selling opportunities. This would also expand our footprint in the industrial imaging sector. Furthermore, on a combined basis, this acquisition would give us the ability to strengthen our manufacturing productivity. “Varex is a gr...
Source: Mass Device - Category: Medical Equipment Authors: Tags: Imaging Mergers & Acquisitions Wall Street Beat PerkinElmer Inc. Varex Imaging Varian Medical Systems Source Type: news