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10/2025100%

Spirent Communications acquired by Keysight Technologies

UNITED KINGDOM Industrial Equipment / Special Machinery / Instrumentation & Measurement EV $1–10bn

Context

Keysight Technologies has completed its acquisition of Spirent Communications, a UK-based specialist in network testing and assurance solutions for cybersecurity and positioning technologies. This move is part of a broader market consolidation trend in the network testing and validation solutions space, driven by the increasing complexity of digital infrastructure and the growing need for advanced simulation tools. By integrating Spirent, Keysight strengthens its position in end-to-end testing solutions, covering the entire development cycle of communication technologies and connected systems. Beyond this portfolio expansion, Spirent also brings complementary technologies in telecom network emulation, cybersecurity testing, satellite positioning, and network performance simulation in complex environments. The group aims to enhance its network validation and emulation capabilities, particularly in next-generation architectures such as 5G, cloud, software-defined networks, and autonomous systems, while bolstering its critical system simulation capabilities prior to industrial deployment. In accordance with antitrust requirements, certain Spirent activities, including high-speed Ethernet, network security, and channel emulation, will be divested to a third party to ensure the transaction's completion in compliance with regulatory conditions.

Spirent Communications, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of Above 20x.

-> Deep-dive in Industry & Manufacturing market trends

Target

Spirent Communications is a UK-based provider of test, network assurance, and performance validation solutions for complex communication infrastructure and digital systems. The company develops hardware and software platforms that enable the simulation, testing, and validation of network environments prior to deployment. Its solutions cater to telecommunications networks, cybersecurity systems, and positioning and navigation technologies. Spirent supports use cases related to next-generation technologies, such as 5G, software-defined wide area networks (SD-WAN), cloud computing, and autonomous mobility systems. The company's tools replicate real-world or simulated network conditions to test the resilience, performance, and security of infrastructure. These solutions are utilized by telecom operators, equipment manufacturers, cloud service providers, and industrial enterprises developing connected systems. Additionally, Spirent has capabilities in satellite emulation and positioning technologies, which are used to test location-dependent systems in complex environments. Throughout the entire development cycle, from design to production, Spirent provides comprehensive support to its clients, ensuring the successful deployment of their networks.

Ent. Value

$1–10bn

Equity Value

[members only]

Multiples

EV / Revenue

2x–6x

EV / EBITDA

Above 20x

EV / EBIT

Above 20x

Historical Financials (USD)

Year
Rev
EBITDA
EBIT
2024
$250–500M
$50–100M
$25–50M
2023
$250–500M
$50–100M
$25–50M

Other operations with Keysight Technologies

Other operations with Keysight Technologies
DateAcquirerTargetCountrySector
11/2023KEYSIGHT TECHNOLOGIESESI GROUPFRANCEEngineering & Design Software

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REFERENCES

Valuation range: EV $1–10bn

Revenue range: $250–500M

EBITDA range: $50–100M

EV/Revenue range: 2x - 6x

EV/EBITDA range: Above 20x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Spirent Communications by Keysight Technologies are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

FAQ

What transaction does this page cover?

This page covers Keysight Technologies’s acquisition of 100% of Spirent Communications, a British company specialised in Special Machinery, in 2025.

How was the acquisition of Spirent Communications by Keysight Technologies valued, and what multiples were paid?

mynth displays the transaction’s enterprise value within the $1–10bn band, its EV/EBITDA multiple within the Above 20x range, and its EV/revenue multiple within the 2x - 6x range. Exact figures are available to members.

What were Spirent Communications’s revenue and EBITDA at the time of the deal?

At the time of the transaction, Spirent Communications generated annual revenue estimated in the $250–500M range and EBITDA in the $50–100M bracket (FY 2024). Detailed financial figures are available to members.

What sources support the information on this transaction?

Data on this transaction was compiled from the official corporate announcement published by the parties, combined with independent reporting from specialized financial and M&A publications.

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