- Keysight Technologies continues its pursuit of regulatory approvals for the acquisition of Spirent Communications, which was approved by Spirent shareholders on May 22, 2024.
- The transaction is expected to become effective in the first half of Keysight’s 2025 fiscal year.
- In particular, the US company has initiated the process of divesting Spirent’s high-speed Ethernet and network security activities.
On March 28, 2024, the Boards of Directors of UK-based Spirent Communications and US-based Keysight Technologies announced that they had reached agreement on the terms and conditions of a recommended all-cash acquisition of all the issued and to be issued ordinary shares of Spirent.
On May 22, 2024, the relevant resolutions proposed to Spirent’s Court Meeting and General Meeting of Shareholders concerning the acquisition were passed.
In order to satisfy the regulatory conditions set out in the acquisition plan document, Keysight proposes to divest Spirent’s high-speed Ethernet and network security businesses. With the support and assistance of Spirent, Keysight has initiated a competitive auction process to complete the sale of this divested business simultaneously with the effective date of Keysight’s acquisition of Spirent.
On November 25, 2024, Keysight applied to the State Administration for Market Regulation of the People’s Republic of China (PRC) for approval of the acquisition under the PRC Anti-Monopoly Law. The French Ministry of Economy, Finance and Industry granted conditional approval for the acquisition. In addition, the acquisition has been approved by the German Federal Ministry for Economic Affairs and Climate Action and by the Chancellor of the Duchy of Lancaster in the UK under the National Security and Investment Act 2021.
Keysight says it is determined, alongside Spirent, to rapidly meet the conditions of the acquisition. The US company expects to achieve this in the first half of its 2025 fiscal year (ending April 30, 2025). The precise timetable for closing the acquisition remains subject to ongoing regulatory approvals.
