Latham & Watkins Advises CyberArk in US$25 Billion Acquisition by Palo Alto Networks

Palo Alto Networks® (NASDAQ: PANW), the global cybersecurity leader, and CyberArk (NASDAQ: CYBR), the global leader in identity security, announced a definitive agreement under which Palo Alto Networks will acquire CyberArk in a cash-and-stock transaction valued at approximately US$25 billion. The transaction has been unanimously approved by the boards of directors of both Palo Alto Networks and CyberArk, and is expected to close during the second half of Palo Alto Networks’ fiscal 2026, subject to the satisfaction of customary closing conditions, including the receipt of regulatory clearances and approval by CyberArk shareholders.

Latham & Watkins LLP represents CyberArk in the transaction with a corporate deal team led by New York/Orange County partner Charles Ruck and New York partner Leah Sauter, with associates Shannon Cheng, Maddy Berg, Amy Lutfi, Danny Del Giorno, Blake LaClaire, Sarah Weiswasser, and Joanna Yam. Advice was also provided on public company matters by Washington, D.C. partner Julia Thompson and Washington, D.C. counsel Jonathan Drory, with assistance from London partner Joshua Kiernan and Bay Area/New York partner Josh Dubofsky; on capital markets matters by New York partner Benjamin Cohen, with associate Catriela Cohen; on convertible notes matters by New York partner Reza Mojtabaee-Zamani and New York counsel Polina Tulupova, with associates Shawn Noh, Daniel Weiss, and Henry Lin; on employee benefits and executive compensation matters by Washington, D.C. partner David Della Rocca and Washington, D.C. counsel Laura Szarmach, with associates Mary Daniel Morgan and Lewis Ntolla; on US antitrust matters by Washington, D.C. partners Ian Conner and Mandy Reeves and Bay Area partner Joshua Holian, with associate Rebecca Frumento; on ex-US antitrust and FDI matters by Brussels partner Tomas Nilsson and Hamburg partner Jana Dammann de Chapto, with associates Nicolas Jung and Enno Mensching; on tax matters by New York partner Jocelyn Noll and Washington, D.C. partner Nicholas DeNovio, with associates Abigail Friedman and Jack Santoro; on trade controls matters by Washington, D.C. partners Les Carnegie and Andrew Galdes, with associate Matthew Crawford; on anti-corruption matters by Washington, D.C./London partner Nathan Seltzer, with associates Faiza Hasan and Ragad Alfaraidy; on intellectual property matters by Washington, D.C. partner Morgan Brubaker, with associates Andrew Abokhair and Kellye Quirk; on data privacy matters by Washington, D.C. partners Tony Kim and Clayton Northouse and San Diego/Bay Area counsel Jennifer Howes, with associate Zac Alpert; on government contracts matters by Washington, D.C. partner Dean Baxtresser, with associate Cassie Martin Andry; and on finance matters by New York partner Stephanie Teicher, with associate Elizabeth Bell.