Palo Alto Networks, which is currently listed on Nasdaq, said on Thursday it will also list its shares on the Tel Aviv Stock Exchange (TASE) following the completion of its $25 billion acquisition of Israeli cybersecurity company CyberArk Software.
Under the acquisition terms, CyberArk shareholders receive $45 in cash plus 2.2005 shares of Palo Alto Networks common stock for each CyberArk ordinary share. Palo Alto announced the deal closed on Wednesday and confirmed an intention to pursue a dual listing in Tel Aviv, although it did not provide a date for when trading on the TASE will begin.
The company said the Tel Aviv listing will use the ticker symbol "CYBR." In a statement, Palo Alto described the move as a recognition of CyberArk’s local origins and a commitment to Israel’s technology sector, saying 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 added that the use of the CYBR symbol "signals that while CyberArk is now a Palo Alto Networks company, its identity remains a cornerstone of our global strategy."
At a reported valuation of $115 billion, Palo Alto would become the largest company by market capitalization on the TASE after the dual listing is implemented. The deal is also Palo Alto’s largest acquisition to date and strengthens its Israeli research and development center, which the company said is already its biggest R&D hub outside Silicon Valley.
Chief Executive Officer Nikesh Arora framed the acquisition as part of a strategy to assemble a broad cybersecurity platform to address growing demand driven by AI-related developments. Palo Alto characterized the CyberArk buy as reinforcing its capability set as it expands globally.
Market response and peers
The TASE welcomed the dual listing, calling it a "significant milestone for our capital market and a moment of immense pride." The exchange said the move will provide simplified and more efficient access for the Israeli public to participate in Palo Alto Networks’ worldwide business.
Separately, Israeli rival Check Point Software Technologies said it will continue to be listed exclusively on Nasdaq.
Notes on investor access and branding
Palo Alto emphasized that listing in Tel Aviv will make its shares more reachable for both institutional and retail investors in Israel and will deepen the firm’s integration with the local economy. The decision to trade under CyberArk’s ticker is presented as preserving CyberArk’s identity within Palo Alto’s broader corporate structure.
Third-party evaluation mention
The company’s market moves were contextualized in materials that referenced ProPicks AI, an investment-evaluation product that assesses companies such as Palo Alto Networks across more than 100 financial metrics. Those materials state that ProPicks AI uses algorithmic analysis to identify risk-reward opportunities and cited past examples of significant returns in other stocks.
What remains undisclosed
Palo Alto has not announced the exact calendar date for the TASE listing, leaving timing unclear. The company also did not provide additional detail in its statement about operational changes tied to the listing beyond broader integration and investor access language.
Summary of the transaction terms
- Palo Alto completed a $25 billion acquisition of CyberArk.
- CyberArk shareholders receive $45 in cash plus 2.2005 Palo Alto common shares per CyberArk share.
- Palo Alto intends to list on the Tel Aviv Stock Exchange under the symbol CYBR; exact listing date not disclosed.
- At a $115 billion valuation, Palo Alto would be the largest company on the TASE following the dual listing.