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August 3, 2020 — Siemens AG is continuing to rigorously execute its Vision 2020+ strategy and therefore expressly welcomes Siemens Healthineers AG’s acquisition of a 100 percent stake in Varian Medical Systems, Inc., a U.S. company active in the area of cancer research and therapy. Payment of the purchase price of around $16.4 billion is to be enabled by mixed financing from the issuance of new Siemens Healthineers shares and the issuance of bonds. The proceeds from the bonds are to be transferred within the Group to Siemens Healthineers under customary market conditions.
This transaction will enable Siemens to strengthen the competitiveness and independence of Siemens Healthineers. At the same time, Siemens will remain a strong majority shareholder and thus profit from the company’s considerably expanded setup. The transaction is expected to close in the first half of calendar year 2021, subject to approval by Varian shareholders, receipt of regulatory approvals and other customary closing conditions.
“As the first of the three companies in our new Siemens Ecosystem, we gave Siemens Healthineers an independent, focused setup. This approach is the core of our Vision 2020+ strategy, which we’re rigorously executing – even in the time of COVID-19. Therefore, we expressly welcome and support this acquisition since it will be a powerful driver for Siemens Healthineers. A transformational step of this kind wouldn’t have been possible in the conglomerate structure of the old Siemens AG,” said Joe Kaeser, president and CEO of Siemens AG.
“The acquisition of Varian will create a world-leading company in the area of cancer therapy – a company in which Siemens AG will participate as a strong and long-term majority shareholder,” explained Roland Busch, deputy CEO of Siemens AG. “Siemens Healthineers is excellently positioned in an attractive growth market in the global battle against cancer. The acquisition will benefit everyone – above all patients, but also the shareholders of both companies.”
Transaction conditions
The transaction underscores the financial strength of the Siemens Group and will be financed by a combination of equity and debt financing. Siemens AG will not participate in the planned equity increase at Siemens Healthineers AG. The additional debt capital is to be borrowed externally by Siemens in the form of bonds and transferred to Siemens Healthineers via intra-Group loans under customary market conditions. Siemens AG aims to maintain its current A+ / A1 rating.
Due to the planned capital increase at Siemens Healthineers AG, in which Siemens AG will not participate, Siemens AG’s stake in Siemens Healthineers AG will decline to about 72 percent from 85 percent. The related increase in the free float of Siemens Healthineers AG will further underscore the company’s independence.
October 21, 2025 
