Agilent to acquire Varian for $1.5b

SAN FRANCISCO/CHICAGO: Agilent Technologies Inc said it will buy Varian Inc for $1.5 billion in cash to bolster its fast-growing bioanalytical measurement business.

Agilent, which makes electronic testing equipment, said it will pay $52 a share, which is a 35 percent premium to Varian's closing share price on Friday. The boards of both sides have approved the deal, the companies said.

The shares of Varian rose 29 percent to close at $50.61 on the NASDAQ on Monday (local time). Varian specializes in instruments to measure biological and physical properties.