Keysight Finalized Spirent Acquisition: Strategic Merger Expands Test Solutions Portfolio

Keysight Technologies (NYSE: KEYS) has successfully closed its acquisition of Spirent Communications plc (LSE: SPT), marking a significant expansion in the company’s testing and network automation capabilities. The all-cash and dividend transaction valued the combined entity at approximately £1.16 billion (US $1.46 billion) on a fully diluted basis.

Transaction Details and Shareholder Returns

Under the terms of the agreement, Spirent shareholders will receive a total consideration of 202.5 pence per share. This comprises 199 pence in cash alongside previously distributed special dividends of 3.5 pence per share. The London Stock Exchange delisting of Spirent became effective on October 17, following the transaction’s completion.

Spirent investors and market participants can access additional information through Keysight’s investor relations channels, which provide comprehensive details on how this strategic combination strengthens both organizations’ market positioning.

Strategic Rationale and Market Expansion

By integrating Keysight’s established capabilities in design, emulation, and comprehensive testing solutions with Spirent’s expertise in satellite emulation, precision positioning systems, and network automation technologies, the combined entity significantly broadens its addressable market.

Spirent, as a recognized leader in delivering automated test and assurance platforms, brings proven solutions for networks, cybersecurity infrastructure, and positioning applications. The company’s technology stack addresses critical challenges in next-generation environments, including 5G deployments, software-defined wide area networks (SD-WAN), cloud infrastructure, and autonomous vehicle validation.

According to Satish Dhanasekaran, President and Chief Executive Officer of Keysight Technologies: “This milestone represents a transformational moment for our organization. The combination of our complementary strengths positions us to deliver enhanced value within an increasingly complex technology ecosystem. Our customers benefit from an expanded solution set tailored to the evolving demands of modern innovation cycles.”

Organizational Integration

Spirent’s operations and financial performance will now be consolidated within Keysight’s Communications Solutions Group, enabling streamlined go-to-market strategies and accelerated cross-selling opportunities across the combined customer base.

Regulatory Approvals Achieved

The transaction’s completion followed successful fulfillment of all regulatory conditions previously outlined. Keysight secured clearances from multiple jurisdictions, including the U.S. Department of Justice (DOJ), the UK Competition and Markets Authority, the French Ministry for the Economy, the German Federal Ministry for Economic Affairs and Climate Action, and China’s State Administration for Market Regulation (SAMR).

In compliance with the DOJ consent decree and SAMR undertakings, Keysight and Spirent have committed to divesting Spirent’s high-speed Ethernet, network security, and channel emulation business units. This divestiture is scheduled for completion by October 16, 2025.

About the Companies

Keysight Technologies operates as a leading provider of design, emulation, and test solutions serving the communications, industrial automation, aerospace and defense, automotive, semiconductor, and general electronics sectors. As an S&P 500 company, Keysight enables engineers to accelerate development cycles while reducing deployment risks across product lifecycles.

Spirent Communications delivers automated testing and assurance solutions to help organizations validate next-generation network technologies and security infrastructure with confidence and efficiency.