Palo Alto plans dual listing in Israel after CyberArk acquisition

Palo Alto Networks announced it will dual list on the Tel Aviv Stock Exchange after completing its US$25 billion acquisition of CyberArk Software.

The company, which is listed on Nasdaq, did not specify the listing date but said it plans to trade under the ticker symbol “CYBR” in Tel Aviv.

The move makes Palo Alto the largest company by market cap on the TASE, currently valued at US$115 billion.

The dual listing aims to provide Israeli investors easier access to Palo Alto shares and strengthen its ties to Israel’s tech sector.

The acquisition, completed on February 11, includes a payment of US$45 in cash and 2.2005 shares of Palo Alto stock for each CyberArk share.

The deal enhances Palo Alto’s Israeli R&D presence, which is its largest outside Silicon Valley.

The Tel Aviv Stock Exchange described the listing as a milestone for its capital market.

Israeli cybersecurity firm Check Point Software Technologies said it will remain solely listed on Nasdaq.

🔗 Source: Reuters

🧠 Food for thought

Implications, context, and why it matters.

Palo Alto Networks CEO Nikesh Arora reached out to CyberArk founder and chairman Udi Mokady in May 2023 about buying the company. Mokady turned it down, saying CyberArk wanted to stay independent 1.
When discussions restarted in 2025, the price changed. On July 27, 2025, Arora told Mokady the earlier $495-per-share offer no longer had board backing, then offered $475.21 per share. That night, CyberArk instructed its advisers to pause work on the deal 1.
Palo Alto and CyberArk signed an exclusivity agreement on July 12, 2025. Twelve days later, Palo Alto pushed to speed up signing because of worries about leaks in the media and the industry, based on CyberArk’s description of the talks 1.

Palo Alto Networks said it plans to seek a secondary listing on the Tel Aviv Stock Exchange (TASE). With a market cap of about $115 billion, it would rank as the most valuable company on Israel’s market 2.
Globes reported that the news lifted TASE’s own stock by 10%. The development could encourage other Israel-linked tech companies that trade only on Wall Street to consider a dual listing in Tel Aviv 3.
After the Israel listing plan, rival Check Point’s CEO stressed his company’s stronger Israeli ties. He pointed to local intellectual property, R&D, management presence, and tax payments 4.