Palo Alto Networks Reaches $25 Billion Deal for CyberArk

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.