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Keysight agrees £388m deal for Anite

17 June 2015 08:01

Electronic measurement instruments group Keysight Technologies has agreed a £388m deal for Anite.

The recommended cash offer of 126p per Anite share is a 22.3% premium to the closing price last night.

Anite's directors intend unanimously to recommend that shareholders vote to approve the deal.

Keysight president and chief executive Ron Nersesian said: "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." Anite chairman Clay Brendish said: "Over a number of years, the Anite team has executed successfully against our strategic plan to transform the business into a pure play global wireless test and measurement business. This has positively impacted our profitability and prospects and we have continued to develop our market leading positions and technological capabilities. Over the last five years, Anite shares have increased threefold.

The combination of Anite and Keysight has strong strategic logic, with Anite's software expertise strongly complementing Keysight's hardware expertise. Our market has been characterised by ongoing customer consolidation, increasing the importance of scale and strength to support customers around the globe and invest in major research and development programmes across the technology cycle. Keysight brings the scale and financial resources to continue to develop Anite's business. "The offer will enable shareholders to crystallise a cash value for their shares at a meaningful premium to recent average prices, and enhances the opportunities for our customers and employees."

At 8:01am: (LON:AIE) Anite PLC share price was +11p at 114p

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