Palo Alto Networks’ US$25 billion acquisition of CyberArk, the second-largest cybersecurity deal, began in 2023 when CyberArk initially rejected the offer.

Two years later, talks resumed, and in June 2025 both companies signed an NDA before Palo Alto submitted an initial all-stock bid at US$457.99 per share.

Negotiations escalated as CyberArk demanded higher terms, including US$525 per share and a US$2 billion termination fee, leading to multiple counteroffers.

Talks nearly collapsed in mid-July 2025 but revived after Palo Alto increased protections, and back-channel discussions helped restore momentum.

On July 30, 2025, both boards approved the US$25 billion deal at US$495 per share, with CyberArk stating it offered the best value and protections for shareholders.

🔗 Source: Calcalist