Summary
Cisco Systems, Inc. (CSCO) has officially closed its previously announced acquisition of Splunk Inc. on March 18, 2024. This significant transaction involved a merger where Splunk now operates as a wholly owned subsidiary of Cisco. Under the terms of the merger, each outstanding share of Splunk common stock was acquired for $157.00 in cash. This brings the total equity value of the acquisition to approximately $28 billion. The deal, initially announced in September 2023, represents a major strategic move by Cisco to enhance its portfolio and market position.
Key Highlights
- 1Cisco Systems has successfully completed the acquisition of Splunk Inc. on March 18, 2024.
- 2The acquisition was executed through a merger, with Splunk becoming a wholly owned subsidiary of Cisco.
- 3Each share of Splunk common stock was acquired for $157.00 in cash.
- 4The aggregate equity value of the transaction is approximately $28 billion.
- 5The deal was originally announced in September 2023 and has now been finalized.
- 6Outstanding Splunk stock options and RSUs were converted into cash awards payable on the original vesting schedules.
- 7This acquisition is expected to significantly impact Cisco's market strategy and offerings.
Frequently Asked Questions
This 8-K filing announces the completion of Cisco's acquisition of Splunk Inc., which occurred on March 18, 2024. It provides details on the transaction terms and closing.
The total equity value of the Splunk common stock acquired by Cisco is approximately $28 billion. Each share of Splunk was purchased for $157.00 in cash.
Splunk will operate as a wholly owned subsidiary of Cisco Systems following the successful completion of the merger.
Unvested Splunk stock options and restricted stock units (RSUs) were converted into cash awards with a value based on the merger consideration. These awards will be payable on their original vesting schedules. Vested options and RSUs were cancelled and converted into the right to receive the merger consideration.