Keysight Technologies seeks to buy remainder of French virtual-prototyping company
Keysight Technologies Inc. is looking to complete the second half of its planned billion-dollar acquisition of a Paris-based company that helps manufacturers predict how their products will work in the real world.
The Santa Rosa-based electronic test and measurement global company on Friday announced the completion of its purchase of 50.6% of 6.09 million shares of ESI Group SA and on Tuesday said it is tendering an offer to buy the remaining shares. The gross value of the deal, at 155 euros a share, is 944.3 million euros ($1.01 billion).
“Keysight’s acquisition of ESI Group accelerates our strategy of providing software-centric solutions with virtual prototyping and advanced simulation capabilities,” said Satish Dhanasekaran, president and CEO, in a statement June 29. “Keysight and ESI Group share rich cultures of innovation and strong commitments to solving customers’ most complex challenges, which will enable value creation for all stakeholders. The Keysight team looks forward to working with the world-class talent at ESI Group to unlock opportunities and drive our combined success.”
After reaching the half-way mark in the deal, ESI shuffled its top executive and board leadership.
Effective Monday, ESI CEO Cristel de Rouvray resigned, replaced by Deputy CEO Olfa Zorgati, and four ESI board members resigned. Keysight Executive Vice President Hamish Gray is now chair of ESI’s board. Other Keysight-connected new board members are JoAnn “Jodi” Juskie (assistant general counsel) and Jason Kary (vice president of investor relations).
Talks about the pending deal were first confirmed in mid-May.