BUSINESS COMBINATIONS

The Company did not have any business combinations in fiscal year 2017.

Business Combination in Fiscal Year 2016

Candela

In September 2016, the Company closed the acquisition of the radiotherapy business of Candela sp. z o.o. ("Candela"), a distributor of Varian's radiotherapy equipment in Poland. The Company integrated the acquired Candela business into its Oncology Systems reporting unit to strengthen its market position in Poland.

The following table presents the total purchase consideration:



(In millions)	Purchase Consideration
Cash paid	$	13.0
Net non-cash assets transferred ⁽¹⁾	21.7
Escrow payable	0.5
Total purchase consideration	$	35.2


⁽¹⁾	Primarily comprised of accounts receivable.

The following table summarizes the purchase price allocation:



(In millions)	Fair Value
Net assumed liabilities	$	(1.1	)
Finite-lived intangible assets with a weighted average useful life of 6.2 years	24.9
Goodwill	11.4
Net assets acquired	$	35.2

Business Combinations in Fiscal Year 2015

In September 2015, the Company purchased certain assets comprising a business from a sole proprietor for treatment planning software tools that will enhance both planning efficiency and treatment plan quality and allow oncologists to quickly adjust their intended dose distributions ahead of the treatment planning process. Through the acquisition, the Company also entered into a consulting agreement with the sole proprietor. The acquired assets were integrated into the Company's Oncology Systems reporting unit. The Company paid a total of $27.0 million in cash for all of the assets. The following table summarizes the purchase price allocation:



(In millions)	Fair Value
Finite-lived intangible assets with a weighted average useful life of 8.3 years	$	8.3
Indefinite-lived intangible assets — IPR&D	8.8
Goodwill	9.9
Net assets acquired	$	27.0

Other information

All acquisitions listed above were accounted for as business combinations. Total transaction costs related to the Company’s acquisitions incurred during fiscal years 2017, 2016 and 2015 were $1.7 million, $3.1 million, and $0.8 million, respectively. These transaction costs were expensed as incurred in selling, general and administrative expenses in the Consolidated Statements of Earnings.

The goodwill generated from the Company’s acquisitions completed is primarily attributable to expected synergies. The goodwill is deductible for income tax purposes for all acquisitions except Candela. The Consolidated Financial Statements include the operating results of each acquisition from the date of acquisition. Pro forma results of operations for the acquisitions completed during the fiscal years presented have not been presented, because the effects of the acquisitions, individually and in the aggregate, were not material to the Company’s financial results.