Palo Alto completes $25b deal for CyberArk, plans Tel Aviv listing

Palo Alto Networks, a Santa Clara, California-based cybersecurity giant founded by American-Israeli entrepreneur Nir Zuk, says it completed the acquisition of Israel’s CyberArk, and plans a secondary listing on the Tel Aviv Stock Exchange.

The $25 billion deal, which was announced in July, marks the biggest-ever acquisition of an Israeli company after Google’s $32 billion purchase of Israeli-founded cybersecurity unicorn Wiz last year.

Palo Alto says the addition of CyberArk’s identity security platform enables the cybersecurity firm “to secure every identity across the enterprise – human, machine, and agentic.”

Alongside the deal completion, Nasdaq-listed Palo Alto announces its intent to advance a secondary listing on the Tel Aviv Stock Exchange under the “CYBR” ticker.

“This commitment further solidifies the company’s Israeli R&D center, already its largest outside of Silicon Valley, as a primary global innovation hub dedicated to securing the future of the AI era,” Palo Alto says.

With a current market cap of $114 billion, it would position Palo Alto as the most valuable company listed on the Tel Aviv Stock Exchange, surpassing Teva with a market value of about $40 billion and Bank Leumi with $38 billion.

“The choice by a company of this magnitude built on the foundation of groundbreaking Israeli innovation to deepen its local footprint, especially in the current climate, is a powerful testament to the robustness, maturity, and resilience of the Israeli financial ecosystem,” the Tel Aviv Stock Exchange says in a statement. “This dual listing will unlock streamlined, efficient access for the Israeli public, allowing local investors to participate directly in Palo Alto Networks’ continued global success.”