Palo Alto Networks to acquire CyberArk in $25 billion deal

Palo Alto Networks will take over Israeli identity security provider CyberArk in a deal valued at roughly $25 billion.

The California-based cybersecurity company will pay $45 a share for CyberArk, representing a 26% premium to its share price Friday.

Palo Alto Networks said the deal will help the company officially penetrate the identity security market and improve its multi-layer offering for customers.

On Tuesday, The Wall Street Journal reported that both companies had held discussions over a potential deal, sending shares of CyberArk skyrocketing more than 13%.

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