- Varian Medical (NYSE:VAR) agreed to combine with Siemens Healthineers (OTC:SEMHF) in a deal valued at $16.4 billion, confirming a report late Saturday that the Siemens spin-off would acquire the Palo Alto-based medical device and software maker.
- The deal, at $177.50 in cash, is a 24% premium to Varian’s Friday close.
- Find other medical names followed by SA readers here.
- The transaction is expected to close in the first half of 2021.
- The CEO of Varian, in the release, said “In addition to delivering immediate and compelling value to our shareholders, the combination with Siemens Healthineers brings us even closer to realizing our transformative vision of a world without fear of cancer.”
- See full details of the release.
- Varian also reported quarterly results where the company beat on the top and bottom line.
- Ratings from Wall Street, SA Authors and Quant ratings were similarly aligned. See them here.
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Market news summary from Seeking Alpha Market News.