• The recommended cash acquisition of Anite is valued at approximately £388 million (US$606 million) on a fully diluted basis
• Aligned with Keysight strategies to grow in wireless communications and software, and increase revenues from R&D customers
• Expand Keysight’s served addressable market in wireless R&D and test • Efficiently deploys overseas cash; expected to be accretive to adjusted earnings in the first year and generate 15 percent ROIC within five years
• Transaction expected to close by the end of October 2015
Santa Rosa, CA -- Keysight has announced a recommended cash acquisition by Keysight Netherlands B.V., a wholly owned indirect subsidiary of Keysight Technologies, to acquire the entire issued and to be issued ordinary share capital of Anite, a U.K.-based leading supplier of test and measurement solutions to the international wireless market. At 126 pence per share, the acquisition values Anite (on a fully diluted basis) at approximately £388 million (US$606 million based upon an exchange rate of 1.56 USD:GBP). This cash acquisition has been unanimously recommended by the board of directors of Anite.
“As a leading supplier of software solutions for wireless research and development, Anite is aligned with Keysight’s strategy to grow in wireless and increase our software offerings,” said Ron Nersesian, Keysight president and CEO.
“The combination of Keysight and Anite -- two global leaders with complementary strengths -- enables us to offer a broad portfolio of leading-edge solutions throughout the wireless research and development cycle. This will help us to expand our portfolio into the software layer for design and validation, and expand Keysight's position as a supplier for wireless design and validation tools. We look forward to welcoming the talented team at Anite and the value this combination will deliver to customers worldwide,” added Nersesian.
Anite, based in Fleet, UK, is a global supplier of software-centric solutions that enable the efficient design and validation of chipsets, mobile devices and network equipment. Its customers include major manufacturers of mobile devices, chipsets and network equipment, mobile network operators, regulatory authorities, and independent test houses. With offices in 14 countries, Anite has more than 500 employees throughout the world.
The transaction is subject to a number of conditions as set forth in the announcement released today in accordance with Rule 2.7 of the UK Takeover Code, including regulatory approvals and the approval of Anite’s shareholders. Subject to the satisfaction of the conditions, the transaction is expected to close by the end of October 2015. The full announcement, issued in accordance with Rule 2.7 of the UK Takeover Code and other related materials can be found on the Keysight Technologies website.
SOURCE: Keysight Technologies