I’m not convinced at all that it would make a lot of sense from a pure industrial perspective. Except a very few boxes in EXFO’ s product lineup, JDSU has it all. No need to add doublons to an already up & runing one-stop-shopping center. Maybe EXFO has some neat new technologies for emerging 40G or else, but JDSU has enough resources to do innovative R&D.

The only reason why JDSU should buy EXFO is to take over their North America installed base (plus a couple of key accounts here and there in EMEA).

Then, the acquisition makes sense. EXFO would be wipped out from the marketplace, full stop. Which would make the T&M landscape a bit more clear : three major players - Agilent, JDSU, Anritsu, plus an emerging one : Fluke/Tek.

The true Telecoms Test Powerhouse is this one : Danaher. Fluke + Tektronix. They cover the whole spectrum, with customer-friendly solutions.
My advice : if there is one single player to watch in the T&M field for the years to come, it’s Danaher.

HTH,
_Marc