BUSINESS BRIEFING / TECHNOLOGY

Scientific instrument maker Agilent Technologies Inc. said it would buy Varian Inc. for $1.5 billion in cash, or $52 a share.

Agilent is paying a premium of 33% to Friday’s $39.20 closing price for Varian of Palo Alto.

The boards of both companies approved the deal, which is expected to close by the end of the year pending approval by shareholders and regulators.

Santa Clara, Calif.-based Agilent said the acquisition gives it more products in the life sciences, environmental and materials businesses.