Digital communications company Cisco is acquiring cybersecurity firm Splunk in a cash deal valued at approximately $28 billion, Cisco announced Thursday.
The deal, which marks the latest in a string of acquisitions for Cisco, is expected to close in Q3 2024.
“From threat detection and response to threat prediction and prevention, we will help make organizations of all sizes more secure and resilient,” said Cisco CEO Chuck Robbins.
As a result of the announcement, Splunk shares soared 20% while Cisco’s took a hit of 5%.
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