Palo Alto Networks to acquire CyberArk for ~$25B; $45 cash + 2.2005 PANW shares per CYBR share

Palo Alto Networks Inc

Equity value ~$25B for CyberArk; 26% premium to unaffected 10-day VWAP of $380.17 as of July 25, 2025.
Consideration: $45.00 cash + 2.2005 PANW shares per CYBR share.
Expected to close in H2 FY2026, subject to regulatory clearances and CyberArk shareholder vote.
Combined platform to deliver Identity Security across human, machine, and AI agent identities.
Transaction immediately accretive to PANW revenue growth and gross margin; FCF per share accretive in FY2028.

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