The acquisition can accelerate growth in Keysight’s test measurement business and “enables breakthrough solutions” in communication systems’ testing and design, according to a company presentation.

“The proposed acquisition of Ixia is in direct alignment with our strategy to transform Keysight for growth and is 100 percent complementary to our business,” Keysight President and CEO Ron Nersesian said in a statement. He predicted the combined company “will provide leading-edge solutions that address the fastest-growing communications and networking trends including 5G, IoT, visibility, security and application performance.”

The boards of directors of both companies have approved the sale, which is expected to close no later than October.

Under the agreement, Ixia shareholders will receive $19.65 per share in cash, which Keysight said is 45 percent higher than the stock’s closing price on Dec. 1, the last trading day prior to media reports of a possible sale. Ixia stock closed Monday at $19.45, an increase of nearly 7 percent from Friday.

Keysight, the largest company ever based in Santa Rosa, generated revenues of $2.9 billion in fiscal year 2016.

Calabasas-based Ixia, with about $500 million in annual sales, provides network “visibility,” testing and security solutions. Its customers include Cisco, Intel, Verizon and AT&T.

You can reach Staff Writer Robert Digitale at 521-5285 or On Twitter @rdigit