Global law firm Freshfields Bruckhaus Deringer (‘Freshfields’) has advised Keysight Technologies on its all-cash recommended offer to acquire Spirent Communications PLC for a cash consideration of 199 pence per Spirent share. This values Spirent at approximately £1,158 million (US$ $1,463 million), 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 2023.

Keysight is a leading technology company listed on the New York Stock Exchange with a market capitalisation of approximately $28bn. Keysight helps enterprises, service providers, and governments accelerate innovation to connect and secure the world by providing electronic design, emulation, and test solutions that are used in the design, simulation, manufacture, installation, optimisation, and secure operation of electronics systems in the communications, aerospace & defence, and industrial sectors. Spirent is a leading British multinational provider of automated test and assurance solutions for networks, cybersecurity, and positioning. It is listed on the Main Market of the London Stock Exchange.

The transatlantic Freshfields team advising on the M&A side was led by Kate Cooper and Piers Prichard Jones from London, with support from Ethan Klingsberg and Joseph Halloum in the US. On the financing side, the team was led out of the US by Allison Liff, with support from Martin Hutchings and Haden Henderson in London.