The cybersecurity giant Palo Alto Networks announced on Wednesday that it will start a dual listing on the Tel Aviv Stock Exchange (TASE), as part of its acquisition of the Israeli cybersecurity platform CyberArk.
With this move, the company would become the most valuable company listed on the Israeli market, with a current market cap of $115 billion.
Palo Alto Networks is a US-based cybersecurity firm founded by Israeli entrepreneur Nir Zuk, which is currently traded only on the American stock market, but will now also have a listing on the TASE.
The listing will also honor CyberArk, with Palo Alto Networks using the ticker CYBR on the TASE instead of its Nasdaq ticker PANW.
"Building on CyberArk's heritage and Israel's position as a global cybersecurity powerhouse, Palo Alto Networks announces its intent to pursue a secondary listing on the Tel Aviv Stock Exchange (TASE),” the company said in a statement.
“By adopting the CYBR denomination, we are providing a world-class tribute to the brand CyberArk built while ensuring its identity remains a cornerstone of the global strategy," it added.
Palo Alto Networks will surpass companies like Teva Pharmaceuticals, which has a market cap of $40 billion, and Bank Leumi and Bank Hapoalim, which have market caps of $38.4 billion and $35.3 billion, respectively, on the TASE, according to a report by Globes Israel.
“The choice by a company of this magnitude built on the foundation of groundbreaking Israeli innovation to deepen its local footprint, especially in the current climate, is a powerful testament to the robustness, maturity, and resilience of the Israeli financial ecosystem,” said the TASE in a statement welcoming Palo Alto Networks’ double listing.
Palo Alto Networks' acquisition of CyberArk
According to Globes Israel, the total deal to acquire CyberArk will be worth $21.5 billion, with Palo Alto paying $45 per share of CyberArk and 22005 shares of PANW to stockholders of the Israeli company.
CyberArk’s platform, which will remain available during the initial stage of the acquisition, provides cybersecurity solutions against AI agents and identity-related vulnerabilities. “Existing customers will not experience service disruptions and are expected to benefit from an accelerated development roadmap,” said Palo Alto Networks.
"The emerging wave of AI agents will require us to secure every identity, human, machine, and agent. For our customers, this means the end of 'identity silos.' They can now manage privileged access across their entire hybrid cloud environment from the same company they trust for Network Security and Security Operations," said Nikesh Arora, Chairman and CEO of Palo Alto Networks.
“Our partnership with Palo Alto Networks creates a stronger cybersecurity force than ever before for modern organizations. It’s a win-win: our customers gain access to the most comprehensive suite of security solutions, and our employees join a global technology company that leads the way in innovation,” added Matt Cohen, CEO of CyberArk.