US cybersecurity giant Palo Alto Networks announced today the completion of its acquisition of Israeli company CyberArk.
The deal is valued at $25 billion, consisting of $2.3 billion in cash, with the remainder to be paid in shares of the acquiring company.
In addition, Palo Alto - founded by Israeli entrepreneur Nir Zuk - announced that it will register for trading on the Tel Aviv Stock Exchange (TASE) under the ticker symbol “CYBR," as a tribute to CyberArk. Following the announcement, shares of the Tel Aviv Stock Exchange surged.
Palo Alto is set to become the largest company on the Israeli exchange, with an estimated market capitalization of approximately NIS 350 billion (about $115 billion). The company will continue to trade on Nasdaq under the symbol PANW.
“In continuation of CyberArk’s legacy and Israel’s position as a global cyber powerhouse, Palo Alto Networks announces its intention to register for trading on the Tel Aviv Stock Exchange," the company said in a statement.
“As part of this historic move, the company plans to adopt the ticker symbol ‘CYBR’ on the Tel Aviv Stock Exchange as an international tribute to the brand built by CyberArk, and as part of securing its place as a central component of the company’s global strategy. Palo Alto Networks will continue to trade on Nasdaq under the ticker PANW."
Nikesh Arora, Chairman and CEO of Palo Alto Networks, said: “The emerging wave of AI agents requires us to secure every identity - of employees, systems, and agents. That is why we acted decisively when we announced last July our intention to acquire CyberArk, and I am pleased to see the beginning of the integration process between the products. For our customers, this means moving from fragmented identity management to unified management. They can now manage advanced access permissions across their hybrid cloud environments through the same company they trust in network security and security operations, thereby ensuring comprehensive protection in the age of artificial intelligence."
CyberArk CEO Matt Cohen added: “Our combination with Palo Alto Networks creates a stronger cybersecurity company than ever before for modern organizations. This is a move that benefits everyone: our customers gain access to the most comprehensive security solutions portfolio, and our employees join a global technology company leading innovation. Together, we are combining proven technologies to deliver a particularly powerful response to identity-based attacks."