09:08 AM EDT, 07/30/2025 (MT Newswires) -- Palo Alto Networks ( PANW ) reached an agreement to acquire CyberArk (CYBR) in a deal for an equity value of $25 billion, the companies said Wednesday.

Under the agreement, CyberArk shareholders will receive $45 in cash and 2.2005 shares of Palo Alto Networks ( PANW ) for each CyberArk share, the companies said.

The deal is expected to be immediately accretive to Palo Alto's revenue growth and gross margin, Palo Alto said, adding that it expects the transaction to be accretive to free cash flow per share in fiscal 2028.

The deal is expected to close during H2 of Palo Alto's fiscal 2026, subject to customary closing conditions.

Shares of Palo Alto were down nearly 7% while CyberArk's shares were almost 1% lower in recent premarket activity.