Spirent to leave London in new blow for exchange

LONDON’S stock market is losing yet another long-standing business as seven decades as a quoted company ends for Spirent Communications with a £1 billion transatlantic takeover.

- Michael Hunter

The FTSE 250 telecoms firm is being bought by Viavi Solutions, providing a bumper payday for investors. The US company is paying a 61% premium to Spirent’s closing price yesterday, with the recommended cash bid worth 175p, including a special dividend.

It came as flexible office space business IWG today said it was preparing to make the final call on ditching London for a US listing as it switched its reporting currency to dollars and said it was reviewing adopting US accounting standards.

CEO Mark Dixon said: “If you look at Uber or Airbnb, their multiples are much higher than we are, we are at six to seven, they are in the 30s to 50s. People understand Uber or Airbnb, they just don’t understand us yet. This is a platform business.”