The acquisition of Varian is expected to close in the first half of calendar year 2021, subject to the approval of Varian shareholders, regulatory approvals and other customary closing conditions. Siemens Healthineers intends to finance approximately half of the acquisition through loans and the other half through new equity, which the Company intends to raise through the issuance of new shares.
Varian had sales of approximately $3.2 billion in the last fiscal year, achieving an operating margin of 17 percent. Siemens Healthineers went public in 2018 and has been legally independent from Siemens AG since then. However, the latter still holds 85 percent of Healthineers shares. The company employs about 50,000 people at locations in more than 70 countries.[“Siemens AG welcomed the planned acquisition. As a result of the planned capital increase of Siemens Healthineers AG, in which Siemens AG will not participate, Siemens AG’s stake in Siemens Healthineers AG will be reduced from 85 percent to approximately 72 percent.”]
In the second quarter of fiscal 2019/2020, Siemens Healthineers increased its revenue by 3.3 percent to €3.685 billion. Without the consequences of the coronavirus pandemic, growth would have been about four points higher, Siemens Healthineers announced. Profit after taxes in the second quarter was 414 million euros, up from 381 million euros in the same period last year.
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