Keysight looks to acquire Spirent Communications for 199 pence per share

Keysight Technologies announced its intention to acquire the entire issued and to be issued share capital of Spirent Communications for a cash consideration of 199 pence per Spirent share which values Spirent at approximately GBP1,158M or $1,.463B, on a fully diluted basis. Spirent shareholders will also be entitled to receive a special dividend of 2.5 pence per Spirent share, in lieu of any final dividend for the year ended 31 December Spirent’s board of directors intend to unanimously recommend the Offer which is conditional on, among other things, the approval of the requisite majority of Spirent Shareholders at the Court Meeting and the Spirent General Meeting, as well as regulatory approval as laid out in the Offer announcement. Keysight views Spirent’s business as highly attractive and aligned with Keysight’s long-term software-centric solutions strategy. Keysight believes there is strategic synergy between the two businesses, and that the parties’ respective complementary products will help customers address their complex engineering challenges. Keysight and Spirent are both focused on enabling secular technology megatrends across multiple end-markets, including communications, aerospace and defense, automotive, and enterprise sectors. With Spirent’s offerings, Keysight expects to address new serviceable available market opportunities of up to $1.5B.