Palo Alto to Acquire CyberArk Software in a $25 Billion Cash and Stock Deal

Palo Alto Networks, Inc. (PANW) entered a merger agreement on July 30, 2025, to acquire CyberArk Software Ltd. (CYBR) in a cash and stock deal valued at $25 billion.

Deal Structure:

Under the terms of the agreement, CyberArk shareholders will receive $45 in cash and 2.2005 shares of Palo Alto Networks common stock for each CyberArk share, representing an implied value of $471.54 per share. The purchase price is at a premium of 8.53% from the stock’s last close.

Company Profile:

CyberArk is a global leader in Identity Security, providing AI-powered solutions to protect human and machine identities across the enterprise through privileged access management, identity lifecycle controls, and cloud security. Founded in 1999 and headquartered in Israel, it serves industries worldwide with a comprehensive security platform.

Palo Alto Networks is a global leader in AI-driven cybersecurity, offering comprehensive solutions across network, cloud, and security operations to protect over 70,000 organizations worldwide. Headquartered in California, it delivers advanced threat prevention, secure access, and security automation at scale.

Deal Details and Timeline:

A day ago, WSJ reported that Palo Alto was in talks to acquire CyberArk Software. The stock was trading at $382.91 before the report came out.

Palo Alto Networks expects the deal to increase its cash earnings per share by fiscal year 2028.

The deal is expected to close during the second half of Palo Alto Networks’ fiscal 2026, ending July 31, 2026.

Qatalyst Partners advised CyberArk Software on financial matters, while J.P. Morgan Securities did the same for Palo Alto. Legal counsel was provided by Latham & Watkins and Meitar Law Offices for CyberArk, and by Wachtell, Lipton, Rosen & Katz and Arnold & Porter Kaye Scholer for Palo Alto.

Deal Metrics:

For more detailed information on this M&A transaction, please refer to the Deal Metrics page by clicking the link below:

Detailed Metrics for the acquisition of CyberArk Software Ltd. (CYBR) by Palo Alto Networks, Inc. (PANW)

The Deal Metrics page for each M&A deal includes:

• A timeline chart that traces the merger deal from the announcement to completion or failure.
• A progression of every event from the expiration of the HSR period, regulatory approvals, shareholder votes, and more.
• News updates and SEC filings.
• A record of deal updates.
• And many more valuable insights.

Disclaimer: Please conduct your own thorough research before buying or selling any securities mentioned in this article. We do not guarantee the completeness or accuracy of the content or data provided in this article.

Editor’s Note: Baranjot Kaur contributed to this article