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Investing.com -- CyberArk Software (NASDAQ:CYBR) stock surged 15% Tuesday after the Wall Street Journal reported that Palo Alto Networks (NASDAQ:PANW) is nearing a deal to acquire the Israeli cybersecurity provider.
According to the report, which cited people familiar with the matter, Palo Alto Networks could finalize the acquisition as soon as later this week. The deal is expected to value CyberArk at well above its current $20 billion market capitalization, assuming a typical acquisition premium.
The potential acquisition would mark one of the largest technology deals of the year and would further consolidate the cybersecurity sector. CyberArk specializes in identity security solutions, which would complement Palo Alto Networks’ existing cybersecurity portfolio.
Palo Alto Networks shares fell 2.75% following the news as investors weighed the significant financial commitment required for such a large acquisition.