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yesterday

Palo Alto Networks to Buy CyberArk for $25 Billion

The deal adds privileged access management capabilities to shore up defenses against AI-era threats with a closing expected in the second half of fiscal 2026.

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CHONGQING, CHINA - MAY 18: In this photo illustration, the logo of Palo Alto Networks, Inc. is displayed on a smartphone screen, with the company's latest stock market chart in the background, reflecting investor sentiment and recent trading activity, on May 18, 2025, in Chongqing, China. Palo Alto Networks is a leading American multinational cybersecurity company that provides advanced firewalls, cloud-based security, and AI-driven threat intelligence solutions to businesses and governments worldwide. (Photo Illustration by Cheng Xin/Getty Images)
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Overview

  • CyberArk shareholders will receive $45 in cash plus 2.2005 Palo Alto shares per share, implying a 29.2% premium to the pre-announcement price.
  • The acquisition is Palo Alto’s largest to date and represents its formal entry into the identity security market through CyberArk’s privileged access management tools.
  • CEO Nikesh Arora said identity security is at an inflection point and provides foundational technology necessary to secure AI-driven environments.
  • The transaction underscores ongoing consolidation in cybersecurity following Google’s $32 billion Wiz deal and Cisco’s $28 billion Splunk acquisition.
  • Palo Alto shares fell about 7% after the terms were confirmed while CyberArk stock eased from recent highs as integration planning gets underway.