Palo Alto Networks Reports Completion of CyberArk Acquisition
Summary
Palo Alto Networks (PANW) completed its acquisition of CyberArk on February 11, 2026, establishing Identity Security as a core pillar of its platformization strategy (via Ex. 99.1). This move aims to secure human, machine, and agentic identities across the enterprise. In connection with the merger, CyberArk's 0.00% Convertible Senior Notes due 2030 are no longer convertible into CyberArk shares but are now exchangeable into PANW shares and cash, with PANW guaranteeing these obligations (via Ex. 4.2). The merger was pursuant to an Agreement and Plan of Merger dated July 30, 2025, with CyberArk continuing as a wholly owned subsidiary of PANW.
Why It Matters
The completion of the CyberArk acquisition, as announced in Exhibit 99.1, is material as it significantly expands Palo Alto Networks' platformization strategy by integrating Identity Security, addressing the growing threat of identity-based attacks in the AI era. The change in convertibility of CyberArk's notes to PANW shares and PANW's guarantee of these obligations also represents a material financial restructuring.
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Key Quote
“As a result of the Merger, and pursuant to the Supplemental Indenture, the Convertible Notes are no longer convertible into ordinary shares, par value NIS 0.”
— From Item 1.01
Filing Details
Reported Items
Additional Information
- CIK Number
- 0001327567
- Filing Date
- Wednesday, February 11, 2026
- Filing Time
- 12:00 AM UTC
- Form Type
- 8-K
- Materiality Level
- high
- Sentiment
- neutral