9/21, 2:22 PM (Source: TeleTrader)
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Cisco to acquire Splunk for $157 per share

Cisco Systems, Inc. announced on Thursday that it decided to acquire Splunk, a software company, for $157 per share, equivalent to about $28 billion in equity value.

According to Cisco's press release, this acquisition is planned to close definitively by the end of the third quarter of 2024. Also, the company said that this transaction will not affect either its share repurchase program or its dividend payment program. In addition, it was disclosed that Splunk's President and CEO Gary Steele will become a member of Cisco’s Executive Leadership Team.

Cisco's shares dropped by 4.59% during the premarket session at 8:17 am ET, while Splunk's stocks surged by 21.75% at the same time.

Baha Breaking News (BBN) / JJ