Palo Alto plans dual listing in Tel Aviv after closing $25 billion CyberArk deal

By Steven Scheer

JERUSALEM, Feb 12 (Reuters) – Shares of Nasdaq-listed Palo Alto Networks will also trade on the Tel Aviv Stock Exchange, the cybersecurity firm said on Thursday, after it closed its $25 billion purchase of Israeli peer CyberArk Software.

Following the dual listing, Palo Alto will be the largest company by market capitalization on the TASE, given that it is currently valued at $115 billion. The company, however, did not disclose the listing date.

“Listing on the TASE is a powerful tribute to CyberArk’s Israeli roots and our commitment to the local tech ecosystem,” Palo Alto told Reuters in a statement.

“It allows local institutional and retail investors easier access to Palo Alto’s shares and further integrates us into the fabric of Israel’s economy.”

The company said it planned to trade under the ticker symbol “CYBR” in Tel Aviv.

“It signals that while CyberArk is now a Palo Alto Networks company, its identity remains a cornerstone of our global strategy,” said Palo Alto, which completed the acquisition on Wednesday.

Under the terms of the agreement, CyberArk shareholders are entitled to receive $45 in cash and 2.2005 shares of Palo Alto Networks common stock for each CyberArk ordinary share.

The deal, which is also its biggest, bolsters Palo Alto’s Israeli R&D center – already its largest outside of Silicon Valley – as CEO Nikesh Arora seeks to build a comprehensive cybersecurity provider to tap into rising AI-driven demand.

The TASE welcomed Palo Alto’s dual listing in Tel Aviv, saying it marks a “significant milestone for our capital market and a moment of immense pride.”

“This dual listing will unlock streamlined, efficient access for the Israeli public, allowing local investors to participate directly in Palo Alto Networks’ continued global success,” it added.

Earlier on Thursday, Israeli rival Check Point Software Technologies indicated that it would remain solely traded on Nasdaq. 

(Reporting by Steven Scheer; Editing by Anil D’Silva)