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UPDATE 1-Palo Alto Networks in talks to buy CyberArk in deal worth over $20 billion, WSJ reports
Palo Alto Networks, Inc. +0.70% Pre
Dow Jones Industrial Average -0.51%
S&P 500 index -1.07%
NASDAQ -1.69%
Palo Alto Networks, Inc. PANW | 191.69 192.03 | +0.70% +0.18% Pre |
Dow Jones Industrial Average DJI | 48458.05 | -0.51% |
S&P 500 index SPX | 6827.41 | -1.07% |
NASDAQ IXIC | 23195.17 | -1.69% |
Adds shares, background in paragraphs 2-5
July 29 (Reuters) - Palo Alto Networks PANW.O is in talks to acquire CyberArk Software CYBR.O in a deal that could value the Israeli cybersecurity firm at more than $20 billion, the Wall Street Journal reported on Tuesday, citing people familiar with the matter.
Shares in CyberArk rose about 13%, while Palo Alto Networks' stock fell roughly 2%. The companies did not immediately respond to requests for comment from Reuters.
Cybersecurity deal activity has been robust in recent years as large corporations have increased spending on security tools.
Rising competition among all-in-one cybersecurity platforms has reshaped the industry, making several companies attractive takeover targets for larger rivals and private equity firms.
As of Monday's close, CyberArk had a market capitalization of $19.3 billion, according to LSEG data.
(Reporting by Jaspreet Singh in Bengaluru; Editing by Tasim Zahid)
((Jaspreet.Singh@thomsonreuters.com; on X @i_jass;))
