Palo Alto Networks Reaches $25 Billion Deal for CyberArk (3)

Palo Alto Networks Inc. agreed to buy CyberArk Software Ltd. in a cash-and-stock deal valuing the Israeli cybersecurity company at about $25 billion.

Palo Alto will pay CyberArk investors $45 plus 2.2005 shares of Palo Alto stock for each of their own shares, according to a statement Wednesday. The companies said the value implies a 26% premium to CyberArk shares, based on a 10-day, volume-weighted average. The transaction is expected to close during the second half of Palo Alto Networks’ fiscal 2026.

The deal is Chief Executive Officer Nikesh Arora’s largest since taking the helm in 2018 and gives ...