SALT LAKE CITY, UT — Varex Imaging Corporation's spin-off from Varian Medical Systems has been completed.
The common stock of Varex Imaging, a new independent public company, began trading “regular way” on the Nasdaq Global Select Market under the ticker symbol “VREX”.
Under the terms of the previously announced separation, Varian stockholders received 0.4 of a share of Varex stock for every one share of Varian stock they held as of the record date of January 20, 2017. Varex shares were distributed at 12:01 am Pacific Time on January 28, 2017 in a distribution that is intended to be tax-free for U.S. federal income tax purposes. Varex has approximately 38 million shares outstanding.
In connection with the separation, Varex made a $200 million cash payment to Varian. Varex funded this payment and related expenses from its $300 million revolving credit facility. The balance of undrawn funds remain available to fund working capital needs and other general corporate purposes.
“The past few months have been very busy as we prepared for the spin-off of Varex Imaging and also announced the planned acquisition of the Medical Imaging business of PerkinElmer,” said Sunny Sanyal, president and chief executive officer of Varex Imaging. “Much of our time recently has been filled with meetings, calls and roadshow presentations with the investor and analyst community. Overall, the past year has been an exciting time for us and I want to thank all the people at Varian and Varex who devoted so much time and effort to make the separation a success."
For more information, visit www.vareximaging.com.