Keysight Technologies, Inc. (NYSE:KEYS) agreed to acquire Spirent Communications plc (LSE:SPT) for approximately £1.2 billion on March 28, 2024. The Acquisition is conditional on, amongst other things, the approval of Spirent Shareholders and the satisfaction of certain regulatory conditions. The full cash consideration payable under the terms of the Acquisition, together with certain fees and expenses in connection with the Acquisition, will be funded through third party debt incurred by Keysight.

Such third party debt is to be provided under a bridge facility agreement arranged by Citibank, N.A. (or an affiliate thereof) and BNP Paribas Securities Corp. Centerview Partners UK LLP and Evercore Partners International LLP acted as financial advisor to Keysight Technologies, Inc. (NYSE:KEYS). N.M. Rothschild & Sons Limited, UBS AG London Branch and Jefferies International Limited acted as financial advisor to Spirent Communications plc.

Freshfields Bruckhaus Deringer LLP and WilmerHale are retained as legal advisers to Keysight. Linklaters LLP is retained as legal adviser to Spirent. BNP Paribas Securities Corp.

and Citibank, N.A. are providing financing to Keysight and have also provided financial advice to Keysight in relation to the Acquisition. Global law firm Ashurst is advising Centerview Partners UK LLP and Evercore Partners International LLP.