The State Administration for Market Regulation: Approval with additional restrictive conditions for Keysight Technologies Inc.'s acquisition of a stake in Spirent Communications plc's antitrust review decision

The State Administration for Market Regulation announced the decision on the antitrust review of the acquisition of Spirent Communications by Keysight Technologies, stating that given the concentration of operators in the global and domestic high-speed Ethernet testing product market and the cybersecurity testing product market, which has or may have the effect of excluding or restricting competition, the State Administration for Market Regulation decided to approve this concentration with additional restrictive conditions based on the commitment plan submitted by the declarant. The transaction parties and the post-concentration entity are required to fulfill the following obligations: divest the high-speed Ethernet testing business and cybersecurity testing business of Spirent to Viavi Solutions, including maintaining the current operation of the business or ensuring the continuity and competitiveness of the business with all necessary assets and employees. The supervision and enforcement of the above restrictive conditions, in addition to being handled according to this announcement, will be legally binding on the transaction parties and the post-concentration entity based on the additional restrictive conditions commitment plan submitted to the State Administration for Market Regulation by September 16, 2025. From the effective date, the transaction parties and the post-concentration entity shall report annually to the State Administration for Market Regulation on the implementation of this commitment plan until all restrictive conditions of this commitment plan are terminated. The first restrictive condition is effective from the effective date and will terminate after the divestiture delivery and transitional services are completed. The remaining restrictive conditions are valid for 5 years from the effective date and will automatically terminate upon expiration. The State Administration for Market Regulation has the right to supervise the performance of the above obligations by the declarant through the entrusted supervisor or by its own inspection. If the transaction parties and the post-concentration entity fail to fulfill the above obligations, the State Administration for Market Regulation will take action in accordance with the relevant provisions of the Antitrust Law