Siemens to acquire oncology software developer Varian for $16B

Siemens has agreed to acquire Varian Medical Systems, a Palo Alto, Calif.-based radiation and oncology medical device and software manufacturer, for $16.4 billion, according to an Aug. 3 Fortune report. 

Four notes: 

1. The German medical technology company will pay $16.4 billion in cash for Varian and offered $177.50 a share for its business, 24 percent more than Varian's closing price on July 31. 

2. Siemens Healthineers and Varian have collaborated for more than 10 years in areas including radiotherapy diagnostics for cancer treatments. 

3. The deal will be financed through both debt and equity, and Siemens said the purchase will have a positive effect on earnings per share within the first year of the closing. 

4. Varian has a market value of about $13 billion. 

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