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SUBSEQUENT EVENTS
3 Months Ended
Dec. 30, 2016
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS
On January 9, 2017, the Board of Directors of the Company approved the separation of Varex (consisting primarily of the Imaging Components business) through the distribution of 100% of the outstanding common stock, par value $0.01 per share, of Varex Imaging Corporation, a wholly owned subsidiary of Varian, to Varian's stockholders. To consummate the distribution, the Varian Board declared a pro rata dividend of Varex common stock to Varian's stockholders of record as of the close of business on the Record Date. Each Varian stockholder received 0.4 of a share of Varex common stock for every one share of Varian common stock held at the close of business on the Record Date. The Distribution occurred on January 28, 2017 (the "Distribution Date"). Immediately following the Distribution, Varex became an independent publicly traded company and is listed on The NASDAQ Global Select Market under the ticker “VREX.” Varian will continue to trade on the New York Stock Exchange under the ticker “VAR.” The historical financial position and results of operations of Varex will be reported as discontinued operations in the second quarter of fiscal year 2017.
In connection with the Distribution, Varian and Varex have entered into a separation and distribution agreement as well as various other agreements that will govern the relationships between the parties going forward, including a transition services agreement, a tax matters agreement, an employee matters agreement, an intellectual property matters agreement, a trademark license agreement and supply/distribution agreements. The separation and distribution agreement and other agreements related to the separation were entered into on January 27, 2017.
In conjunction with the separation and distribution, the Company received approximately $200 million from Varex and used those proceeds to repay a portion of its outstanding 2013 Revolving Credit Facility debt.
In December 2016, Varian entered into a master purchase and sale agreement ("MPSA") to acquire the Medical Imaging business of PerkinElmer, Inc. for approximately $276 million. In connection with the separation and distribution, Varian assigned the MPSA and any rights and obligations to Varex.