On Sunday, German health group Siemens Healthineers stated, it plans on acquiring Varian Medical Systems Inc for $16.4 billion.

Varian Medical Systems Inc makes devices and software for treating cancer.

According to the agreement, Siemens Healthineers will be acquiring all shares in Varian at $177.50 in cash, representing a 24% premium to the American company’s closing price on Friday.

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