M&A
confidence high
sentiment positive
materiality 0.85
Keysight completes $1.7B acquisitions of Spirent, OSG, and PowerArtist
Keysight Technologies, Inc.
- Deployed ~$1.7B cash: Spirent net ~$1.1B, OSG+PowerArtist ~$0.6B; post-deal cash >$1.5B.
- Adds ~$375M revenue with aggregate gross margin >75%; expands SAM by ~$1.25B.
- Expands software mix by ~300 bps; expected to be EPS accretive 12 months post-close.
- Gross leverage <2x, net leverage <1x; immediately accretive to gross margin.