Siemens Healthineers To Buy US Cancer Specialist For $16.4 Bn
Umer Jamshaid 2 days ago Sun 02nd August 2020 | 03:10 PM
Berlin, Aug 2 (UrduPoint / Pakistan Point News - 2nd Aug, 2020 ) :Siemens Healthineers, the German conglomerate's medical devices arm, said Sunday it has agreed to buy US cancer treatment specialist Varian for $16.4 billion.
The deal is expected to close in the first half of 2021, subject to approval by Varian shareholders, regulatory approvals and other conditions.
The Erlangen-based medical technology group, listed on Germany's mid-sized MDax index, plans to finance the purchase through a combination of loans and equity raised through the issuance of new shares.
However, Siemens remains a majority shareholder in Healthineers.
The medical equipments group employs around 50,000 people in more than 70 countries.
Varian achieved revenues of around 3.2 billion dollars during the last fiscal year, with an operating margin of 17 percent.
The company is headquartered in Palo Alto, California, and currently employs around 10,000 people worldwide.
It focuses on technologies such as artificial intelligence, machine learning and data analysis to improve cancer treatment.