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MarketScreener Homepage  >  Equities  >  Xetra  >  Siemens AG    SIE   DE0007236101

SIEMENS AG

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Siemens Healthineers to Buy Varian Medical for $16.4 Billion

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08/02/2020 | 08:45am EDT

By Tom Fairless

FRANKFURT -- Siemens Healthineers AG, a medical technology spinoff of the German conglomerate, said it would acquire U.S.-based Varian Medical Systems Inc. for $16.4 billion, roughly 25% above its current market value.

The deal will create a world leader in the area of cancer therapy, Siemens deputy CEO Roland Busch said in a statement Sunday.

Varian, based in Palo Alto, Calif., specializes in cancer treatments including radiation therapy and related software. It has around 10,000 employees globally and revenue of $3.2 billion in fiscal 2019, Siemens said.

The conglomerate said its stake in Siemens Healthineers, based in Erlangen, Bavaria, would fall to about 72% from 85% as a result of a capital increase to fund the deal, in which Siemens won't participate. Siemens had spun off its medical technology unit in 2018.

The deal, to be financed through a capital increase and new debt, is expected to close in the first half of 2021, subject to approval by Varian shareholders and regulatory approvals, Siemens said.

Siemens said it would "remain a strong majority shareholder and thus profit from the company's considerably expanded setup."

Write to Tom Fairless at tom.fairless@wsj.com

 

Stocks mentioned in the article
ChangeLast1st jan.
SIEMENS AG 1.18% 117.12 Delayed Quote.-0.69%
SIEMENS HEALTHINEERS AG 1.09% 41.5 Delayed Quote.-4.25%
VARIAN MEDICAL SYSTEMS, INC. -0.28% 173.33 Delayed Quote.22.05%
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Financials
Sales 2020 57 918 M 68 330 M 68 330 M
Net income 2020 4 278 M 5 047 M 5 047 M
Net Debt 2020 29 777 M 35 130 M 35 130 M
P/E ratio 2020 22,0x
Yield 2020 3,31%
Capitalization 91 961 M 108 B 108 B
EV / Sales 2020 2,10x
EV / Sales 2021 2,04x
Nbr of Employees 293 000
Free-Float 89,6%
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Mean consensus BUY
Number of Analysts 24
Average target price 124,89 €
Last Close Price 115,74 €
Spread / Highest target 27,9%
Spread / Average Target 7,90%
Spread / Lowest Target -6,69%
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Managers
NameTitle
Josef Kaeser President & Chief Executive Officer
Jim Hagemann Snabe Chairman-Supervisory Board
Roland Emil Busch Deputy CEO, COO, CTO & Labour Director
Ralf Peter Thomas Chief Financial Officer
Hanna Hennig Chief Information Officer
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