Berlin, Aug 2 (AP) Germany-based Siemens Healthineers said Sunday it will buy US cancer therapy and research company Varian in a deal worth around USD 16.4 billion.

Siemens Healthineers, in which industrial conglomerate Siemens holds a majority stake, said it will buy all shares in Varian Medical Systems, Inc. for USD 177.50 per share in cash.

Also Read | Delhi | Mortal Remains of Former SP Leader Amar Singh Brought to His Residence in Chhattarpur: Live News Breaking And Coronavirus Updates on August 2, 2020.

It said that the acquisition is expected to close in the first half of 2021, and requires the approval of regulators and Varian shareholders. Varian's board of directors unanimously approved the agreement, it added.

Palo Alto, California-based Varian had revenues in the 2019 fiscal year of USD 3.2 billion, Siemens Healthineers said in a statement. Varian says it employs about 10,000 people around the world. (AP)

Also Read | Pakistan's News Channel Dawn Hacked, Indian Flag With Happy Independence Day Message Surfaces on Screen (Watch Video).

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)