Keysight Technologies, Inc. and Ixia have announced a definitive agreement for Keysight to acquire Ixia in an all-cash transaction totaling approximately USD 1.6 billion in consideration, net of cash. The boards of directors of both companies have unanimously approved the transaction, which is anticipated to close no later than the end of October 2017 and is subject to customary closing conditions and approvals.

Under the terms of the agreement, Ixia shareholders will receive USD 19.65 per share in cash. This represents a premium of approximately 45 percent to Ixia's unaffected closing stock price on December 1, 2016, the last trading day prior to media reports that Ixia was considering strategic alternatives, and a premium of approximately 38 percent to the Ixia's unaffected 52-week high closing stock price for the period ended December 1, 2016.

The transaction, which is expected to be completed no later than the end of October 2017, is subject to approval by Ixia shareholders, regulatory approvals, including expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act, as well as other customary closing conditions.

The combination of Keysight and Ixia brings together two highly complementary companies to create an innovative force in leading-edge technologies that spans electronic design, device and network validation, and application and security performance.

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