- Keysight Technologies has completed the acquisition of UK-based Spirent Communications after outbidding Viavi Solutions’ initial offer and then entering into a lengthy negotiation process to finally obtain the regulatory approvals required to complete this transaction.
“Today marks an important milestone for Keysight: we officially welcome Spirent to our company. By combining Keysight’s expertise in design, emulation, and testing with Spirent’s strengths in satellite emulation, positioning, and network automation, we are expanding the scope of our portfolio to better serve our customers,” said Satish Dhanasekaran, Keysight’s President and CEO.
Months of Transactions
This closing is the result of a lengthy process spanning 18 months. It all began in early March 2024, when the American company Viavi Solutions announced its intention to acquire the British company Spirent for approximately €1.177 billion. However, at the end of March 2024, Keysight Technologies entered the fray with a competing offer, valuing Spirent at €1.357 billion. Spirent shareholders approved this offer at the end of May 2024, giving Keysight a decisive advantage.
To obtain regulatory approvals, Keysight had to divest certain Spirent businesses, particularly in high-speed Ethernet and network security. In early December 2024, the Californian firm announced an agreement with Viavi to sell these businesses, subject to customary approvals. The principal transaction remains subject to regulatory approval, with completion expected before April 30, 2025.
In early June 2025, a key milestone was reached: Keysight and Spirent signed a consent agreement with the U.S. Department of Justice (DOJ), confirming the sale of the relevant businesses to Viavi or another approved acquirer. Keysight is now actively working with regulators, particularly in China, to complete the acquisition.
Spirent Communications is a provider of automated test and assurance solutions for networks, cybersecurity, and positioning. Spirent offers products, services, and solutions for testing communications technologies, including 5G and software-defined wide area networks (SD-WAN). In 2024, the company’s revenue was US$460.2 million, down 3% from US$474.3 million in 2023.
The total consideration for the transaction is approximately £1.16 billion (approximately US$1.46 billion) on a fully diluted basis. Spirent’s shares will be delisted from the London Stock Exchange effective October 17. Its operations and financial results will now be integrated and reported within Keysight’s Communications Solutions Group.
Regulatory Compliance
The completion of this transaction follows the satisfaction of all regulatory conditions described in previous announcements, including approvals from the U.S. Department of Justice (DOJ), the U.K. Competition and Markets Authority, the French Ministry of Economic Affairs, the German Federal Ministry for Economic Affairs and Climate Action, and the State Administration for Market Regulation (SAMR) in China.
In accordance with the consent decree entered into with the DOJ and commitments made to SAMR, Keysight and Spirent have agreed to divest Spirent’s high-speed Ethernet, network security, and channel emulation businesses. This divestment is expected to close on October 16, 2025.
