What did Siemens Healthineers pay for Varian Medical Systems, Inc.?

Siemens Healthineers acquired Varian Medical Systems, Inc. for $16.40B in 2021 (29.4x EBITDA), equivalent to 5.20x revenue. Target revenue was approximately $3167.0M. Target EBITDA was approximately $557.0M.

What does Varian Medical Systems, Inc. do?

Varian Medical Systems, Inc. is a medical devices business.

What multiple did Siemens Healthineers pay for Varian Medical Systems, Inc.?

29.4x EBITDA and 5.20x revenue, based on disclosed deal value of $16.40B and disclosed financials.

M&A TRANSACTION · 2021

Varian Medical Systems, Inc. acquired by Siemens Healthineers

$16.40B· 29.4x EBITDA· 5.20x revenue

Target

Varian Medical Systems, Inc.

Acquirer

Siemens Healthineers

Strategic buyer

Disclosed financials at time of acquisition

Revenue

$3167.0M

EBITDA

$557.0M

Deal Value

$16.40B

EV/EBITDA

29.4x

Context

This $16.40B acquisition of Varian Medical Systems, Inc. by Siemens Healthineers sits in the medical devices sub-vertical. The 29.4x EBITDA multiple paid in 2021 can be compared against the population median for medical devices transactions of similar size on our Medical Devices valuation hub. Siemens Healthineers is acquiring as a strategic buyer; see how strategic acquirers typically price medical devices businesses on our Medical Devices strategic buyer-pool page.

Source

Data sourced from SEC Fairness Opinion — primary source. All figures reflect disclosed values at the time of the acquisition; no estimated or imputed data. Methodology

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Citation: ExitValue.ai. (2021). Varian Medical Systems, Inc. acquired by Siemens Healthineers. https://exitvalue.ai/deals/varian-medical-systems-inc-acquired-by-siemens-healthineers-fairness-opi