VIAVI closes $425 million acquisition of Spirent high-speed ethernet testing business
VIAVI completed its acquisition of Spirent Communications' high-speed ethernet, network security and channel emulation testing business from Keysight Technologies on October 16, 2025, for all-cash consideration of $425 million, subject to customary closing adjustments. To help fund the deal, the company borrowed a $600 million senior secured term loan and reduced its revolving credit facility from $300 million to $200 million, which shareholders should weigh alongside the added debt.
Key points
- All-cash consideration of $425 million, subject to customary closing adjustments
- Company expects the business to add approximately $180 million to Network Service Enablement revenue in the first 12 months after closing and to be accretive to non-GAAP EPS 12 months after closing
- $600 million senior secured term loan due October 16, 2032, priced at Term SOFR plus 2.25% or 2.50%, with 1.00% per annum quarterly amortization starting March 31, 2026
- Revolving credit facility cut from $300 million to $200 million, with maturity extended to October 16, 2030 or a springing date tied to certain existing notes
The filing
Written by AI on Nov 8, 2026, 12:57 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 16, 2025.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.