Anite Agrees To Be Bought By Keysight Technologies For GBP388 Million

Wed, 17th Jun 2015 06:49

LONDON (Alliance News) - Software provider Anite PLC and Keysight Technologies Inc Wednesday released a joint statement saying the two companies have reached an agreement for Anite to be acquired by a Dutch subsidiary of Keysight.

The companies said the directors of Anite and two of its substantial shareholders have recommended the deal be approved by Anite shareholders.

The GBP388 million recommended cash offer by Keysight Technologies Netherlands BV is for 126.0 pence per Anite share, representing a 22% premium to the closing price of Anite shares on Tuesday of 103.00p.

Keysight is a manufacturer of test and measurement equipment and software.

All of the Anite directors have recommended the deal and have undertaken to accept the offer, representing around 1% of Anite's share capital. RWC Focus Asset Management Ltd also has accepted the offer for its 6.2% stake in Anite.

Aberforth Partners LLP, which holds an 8% stake in Anite, has issued a letter of intent to vote in favour of the deal. In total, Keysight has received irrevocable undertakings and the letter of intent for a total of 45.8 million Anite shares, representing a 15.2% stake in total.

"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," said Keysight President Ron Nersesian.

"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," said Anite Chairman Clay Brendish.

By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance

Ashoka India Equity Investment Trust Plc