Viavi: First DOJ Merger Settlement in Four Years

In a groundbreaking move, Fried Frank represented Viavi Solutions Inc. in the first pre-litigation divestiture approved by the U.S. Department of Justice (DOJ) Antitrust Division in over four years. This agreement facilitates Viavi's acquisition of significant assets from Spirent Communications plc, mandated by the DOJ as a condition for the approval of Keysight Technologies, Inc.'s $1.5 billion acquisition of Spirent. The assets in question, crucial components of Spirent's operations, represent approximately 40% of its total revenues and include high-speed ethernet, network security, and RF channel emulation network test, measurement, and assurance capabilities. This consent decree marks a notable shift in DOJ's antitrust processes, indicating a resurgence of pre-litigation settlements that had been dormant for several years. However, the deal still awaits regulatory approvals outside the United States, both for the Keysight/Spirent merger and Viavi's asset acquisition. Fried Frank's leading legal team for this transaction includes partners Philip Richter, Ryan Messier, Barry Nigro, and Tobias Caspary.