Athens Strategies Ltd acquires CyberArk Software Ltd. for $25.2 billion

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Athens Strategies Ltd. has entered into a definitive agreement to acquire CyberArk Software Ltd. from FMR LLC and others for $25.2 billion. The consideration consists of common equity of Palo Alto Networks, Inc. at a ratio of 2.2005 per common equity of CyberArk Software Ltd., as well as a cash consideration of $45 per share. The transaction is expected to be immediately accretive to Palo Alto Networks' revenue growth and gross margin.

Why it matters

The acquisition of CyberArk, a leading cybersecurity company, will strengthen Palo Alto Networks' position in the growing cybersecurity market and expand its product offerings. It also highlights Israel's position as a global cybersecurity hub, with Palo Alto Networks announcing plans to pursue a secondary listing on the Tel Aviv Stock Exchange.

The details

Under the terms of the agreement, CyberArk shareholders will receive $45.00 in cash and 2.2005 shares of Palo Alto Networks common stock for each CyberArk share. The transaction has been unanimously approved by the Boards of Directors of both Palo Alto Networks and CyberArk, and is subject to the satisfaction of customary closing conditions, including regulatory clearances and CyberArk shareholder approval. The transaction is expected to close during the third quarter of Palo Alto Networks' fiscal 2026.

• The definitive agreement was signed on July 30, 2025.
• CyberArk shareholders approved the transaction on November 13, 2025.
• The German Federal Cartel Office approved the merger on December 19, 2025.
• The transaction is expected to close during the third quarter of Palo Alto Networks' fiscal 2026.

What’s next

The transaction is still subject to the satisfaction of remaining customary closing conditions, including the receipt of regulatory approvals and is expected to close during the third quarter of Palo Alto Networks' fiscal 2026.