Teledyne Technologies Inc.

(NYSE:TDY) said Monday it agreed to acquire Varex Imaging Corp.

(NASDAQ:VREX) in an all-cash transaction valued at about $1.1 billion, expanding its presence in medical and industrial X-ray imaging.

Varex shares surged over 48% following the announcement, while Teledyne shares edged higher.

Under the agreement, Teledyne will pay $18.90 per Varex share in cash.