This summary is sourced from an SEC EDGAR Form 6-K filed and published on July 30, 2025.
On the financial advisory side, J.P. Morgan Securities LLC is acting as financial advisor to Palo Alto Networks, the acquirer, in a lead role. Qatalyst Partners is acting as financial advisor to CyberArk, the target, also in a lead capacity.
Legal and regulatory counsel involved multiple firms on each side. For Palo Alto Networks, Wachtell, Lipton, Rosen & Katz is acting as legal counsel, with Arnold & Porter Kaye Scholer LLP acting separately as regulatory counsel. For CyberArk, Latham & Watkins LLP and Meitar Law Offices are both acting as legal counsel, the latter likely reflecting CyberArk's Israeli nexus.
Beyond confirming the transaction is structured as a cash and stock acquisition with a disclosed aggregate value of $25,000,000,000, the facts block does not specify the precise cash-to-stock ratio, the exchange ratio for the stock component, or any other deal-specific structural terms.
Several material facts are not disclosed in the available record. No expected closing date is given. The specific split between cash and stock consideration is not disclosed beyond the general subtype characterization. No detail is provided on what regulatory approvals remain outstanding, notable given that Arnold & Porter Kaye Scholer LLP's role is specifically regulatory counsel, suggesting antitrust or other regulatory review is a live consideration.