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Cisco buying cybersecurity firm Splunk for $28 billion

This March 2, 2023 file photo shows Cisco logo in the Mobile World Congress 2023 in Barcelona, Spain.
This March 2, 2023 file photo shows Cisco logo in the Mobile World Congress 2023 in Barcelona, Spain. Copyright AP Photo/Joan Mateu Parra
Copyright AP Photo/Joan Mateu Parra
By AP
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The Silicon Valley tech giant Cisco will pay $157 per Splunk Inc share.

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Tech company Cisco is buying cybersecurity firm Splunk in a $28 billion deal as it bolsters its defences against potential security threats that may be heightened by the widening use of artificial intelligence.

The Silicon Valley tech giant will pay $157 per Splunk Inc share.

“Our combined capabilities will drive the next generation of AI-enabled security and observability,” Cisco Chair and CEO Chuck Robbins said in a prepared statement. “From threat detection and response to threat prediction and prevention, we will help make organizations of all sizes more secure and resilient.”

The boards of both companies approved the acquisition, which is expected to close by the end of 2024's third quarter. It still needs approval from Splunk shareholders.

Shares of Cisco Systems Inc fell more than 4% before the market open on Thursday, while Splunk's stock surged nearly 22%.

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