Keysight bids to buy Spirent for US$1.46 billion
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Spirent Communications plc, a provider of automated telecommunications test, has agreed to be acquired by Keysight Technologies for 199p per Spirent share or about £1.16 billlion (about US$1.46 billion) plus a 2.5 pence per share dividend.
The deal is 26.5 pence better than a previous offer for Spirent from Viavi Solutions, part of JDS Uniphase Corp. and Spirent said its directors now intend to recommend the Keysight deal to shareholders.
Keysight said that it and Spirent are both focused on enabling secular technology megatrends across multiple end-markets, including communications, aerospace and defense, automotive and enterprise sectors.
The acquisition is conditional on, amongst other things, the approval of Spirent shareholders and the satisfaction of certain regulatory conditions. The deal is expected to take place during the first half of Keysight’s next fiscal year, being 1 November 2024 to 30 April 2025.
“The board of Spirent is pleased to recommend Keysight’s cash offer for Spirent, which is an increase of 15 per cent. to the Viavi proposal,” said Sir Bill Thomas, chairman of Spirent, in a statement.
Viavi issued a statement saying: “Viavi believes that its acquisition [of Spirent] represents certain value and notes its limited business overlap with Spirent relative to Keysight. Viavi believes that the proposed combination of Keysight and Spirent would further entrench Keysight’s leading position in many product segments, which would limit customer choice.”
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