Siemens Healthineers to buy Varian Medical for US$16.4bil

A workshop of computed tomography (CT) scanners of medical device firm Siemens Healthineers in Shanghai, China, February 24, 2020. - Reuters

FRANKFURT: Siemens Healthineers agreed to buy Varian Medical Systems in cash in a transaction that values the medical equipment maker at about US$16.4bil, more than 20% above its current market value.

The German company offered US$177.5 a share for the Palo Alto, California-based business, which will be financed through both debt and equity, Siemens Healthineers said in a statement on Sunday.