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AI brief of an SEC Form 8-K · Palo Alto Networks (PANW)

Palo Alto Networks completes acquisition of CyberArk, assumes convertible notes

Neutral Impact 5 of 5 m&a Written later

Palo Alto Networks completed its acquisition of CyberArk Software on February 11, 2026, with CyberArk becoming a wholly owned subsidiary. CyberArk's 0.00% convertible senior notes due 2030 are now exchangeable into Palo Alto Networks common stock and cash, and Palo Alto Networks has guaranteed CyberArk's obligations under those notes, which adds to its financial obligations.

Key points

  • Merger closed on February 11, 2026; CyberArk shareholders receive $45.00 in cash and 2.2005 Palo Alto Networks shares for each CyberArk ordinary share
  • CyberArk's 0.00% Convertible Senior Notes due 2030 are now exchangeable into Palo Alto Networks shares and cash, and Palo Alto Networks guarantees them
  • Palo Alto Networks assumed CyberArk's capped call transactions, with dealers to deliver Palo Alto Networks shares instead of CyberArk shares
  • Palo Alto Networks will hold its Q2 FY2026 earnings call on February 17, 2026

The filing

CompanyPalo Alto Networks (PANW)
Form8-K, current report
Filed with the SECFeb 11, 2026, 8:18 AM ET
Accession number0001193125-26-045600

Items reported: 1.01 Material Definitive Agreement2.03 New Direct Financial Obligation8.01 Other Events

Read the filing on SEC.gov ↗

Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 2:16 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on February 11, 2026.

Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.