Agilent Technologies has inked a definitive agreement to acquire scientific instruments developer Varian Inc. for $1.5 billion in cash.
Agilent of Santa Clara, CA, will pay $52 cash per share of common stock for Varian of Palo Alto, CA, representing a premium of approximately 35% to Varian's closing share price on July 24. In addition to expanding Agilent's product and application breadth in the industrial and life science markets, the deal will provide Agilent with entry into the nuclear magnetic resonance, imaging, and vacuum technology markets, Agilent said.
The transaction is subject to approval by Varian shareholders. Agilent expects to close the deal before the end of 2009, subject to customary closing conditions and regulatory approvals.
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