Palo Alto Networks (NASDAQ:PANW) finalized its acquisition of CyberArk Software in a landmark $25 billion transaction, marking a historic shift in the cybersecurity landscape.
To commemorate the deal and its deepening roots in the region, the California-based leader announced it will dual-list on the Tel Aviv Stock Exchange (TASE), immediately becoming the most valuable company traded on the local market.
With a current valuation of approximately $115 billion, Palo Alto Networks’ entry into the TASE under the ticker symbol "CYBR"—a nod to CyberArk’s legacy—will displace existing market leaders to take the top spot by market capitalization.
The company, which completed the acquisition on Wednesday, stated that the listing serves as a powerful tribute to CyberArk’s Israeli origins and bolsters its commitment to the local technology ecosystem.
The deal is the largest in Palo Alto's history and significantly expands its Israeli research and development center, which was already its largest hub outside of Silicon Valley.
Under the terms of the agreement, CyberArk shareholders receive $45 in cash and 2.2005 shares of Palo Alto common stock for each share held.
CEO Nikesh Arora has positioned the acquisition as a critical step in building a comprehensive, AI-driven cybersecurity provider that eliminates "identity silos" across global enterprises.