How much did HPE pay for Juniper Networks?

Juniper stockholders received $40.00 in cash per share, for an aggregate Merger Consideration of approximately $13.4 billion. The June 28, 2025 press release described the original January 2024 agreement as representing an equity value of approximately $14 billion, which is a higher figure that likely reflects differences in how equity value was measured, including treatment of equity awards and other adjustments.

What concessions did HPE make to the DOJ to close the deal?

HPE agreed to divest its Instant On campus and branch business and to conduct an auction for non-exclusive licenses to Juniper's Mist AIOps source code used in its WLAN products. HPE will also facilitate limited access to Mist AIOps technology. The settlement is subject to court approval, and the filing does not provide the expected revenue or earnings impact of the divestiture.

How will the acquisition affect HPE's financial results?

Management expects the deal to be accretive to non-GAAP EPS in the first year after closing and states that the networking business will contribute more than 50% of total company operating income. The 8-K does not include quantified guidance, pro forma results, or acquired-business financials, which will be filed by amendment within 71 calendar days.

How was the acquisition financed, and what does it mean for HPE's balance sheet?

HPE funded the payment with cash from its balance sheet, commercial paper issuances, and borrowings under its three-year and 364-day delayed-draw term loan credit facilities. The filing does not disclose the resulting debt levels or leverage, so investors should review the forthcoming pro forma financial information and subsequent SEC filings for the balance sheet impact.

What happens to Juniper's employees' equity awards?

Juniper stock options were converted into options to buy HPE common stock on substantially the same terms, with the share count and exercise price adjusted to preserve value. Non-employee director RSUs were converted into the right to receive the $40.00 cash consideration. Other RSUs were converted into time-vesting HPE RSUs, and performance conditions were removed, using actual performance for completed periods and target performance otherwise.

HPE 8-K: Acquisitions & Dispositions & Regulation FD

01—Abstract

Summary

Summary of the 8-K filed July 2, 2025. Cited figures are marked; the original filing is the authoritative source.

On July 2, 2025, Hewlett Packard Enterprise (HPE) completed its acquisition of Juniper Networks, Inc. under the Agreement and Plan of Merger dated January 9, 2024.

Juniper became a wholly owned subsidiary of HPE, and Juniper stockholders received $40.00^a in cash per share, for an aggregate Merger Consideration of approximately $13.4 billion. HPE funded the payment through balance sheet cash, commercial paper, and borrowings under its three-year and 364-day delayed-draw term loan facilities. Juniper's common stock has ceased trading on the NYSE.

Each outstanding Juniper option was converted into an HPE stock option, and Juniper RSUs were converted into either cash rights (for non-employee directors) or HPE time-vesting RSUs (for other holders). The closing followed a settlement with the U.S. Department of Justice, which had sued in January 2025 to block the deal. Under the settlement, announced June 28, 2025 and subject to court approval, HPE must divest its Instant On campus and branch business and undertake an auction for non-exclusive licensing of Juniper's Mist AIOps source code used in HPE's WLAN products.

The remedy addresses antitrust concerns while HPE retains the strategic core of the transaction. Management characterizes the deal as transformative: it doubles the size of HPE's networking business, adds a full networking IP stack, and is expected to be accretive to non-GAAP EPS in year one.

Management also states that the combined networking business will contribute more than 50%^b of total company operating income. The 8-K notes that financial statements of the acquired business and pro forma financial information will be filed by amendment within 71 calendar days, so the detailed financial impact is not yet quantified in this filing.

02—Key points

Key Highlights

Closed the acquisition of Juniper Networks on July 2, 2025; Juniper is now a wholly owned HPE subsidiary and its stock no longer trades on the NYSE.
Aggregate cash Merger Consideration of approximately $13.4 billion at $40.00 per Juniper share, funded by balance sheet cash, commercial paper, and term loan borrowings.
DOJ settlement (announced June 28, 2025, subject to court approval) requires divesting HPE's Instant On campus and branch business and an auction for non-exclusive licensing of Juniper's Mist AIOps source code.
Juniper equity awards were converted: options into HPE options, non-employee director RSUs into cash merger consideration, and other RSUs into HPE time-vesting RSUs with performance conditions removed.
Management expects the deal to be accretive to non-GAAP EPS in year one and says the networking business will exceed 50% of total company operating income.
The transaction doubles the size of HPE's networking business, adds a full networking IP stack, and expands HPE into data center, firewall, and router markets.
Rami Rahim, former Juniper CEO, will lead the combined HPE Networking business; pro forma and acquired-business financials will be filed by amendment within 71 days.

03—Questions

Frequently Asked Questions

How much did HPE pay for Juniper Networks?
Juniper stockholders received $40.00 in cash per share, for an aggregate Merger Consideration of approximately $13.4 billion. The June 28, 2025 press release described the original January 2024 agreement as representing an equity value of approximately $14 billion, which is a higher figure that likely reflects differences in how equity value was measured, including treatment of equity awards and other adjustments.
What concessions did HPE make to the DOJ to close the deal?
HPE agreed to divest its Instant On campus and branch business and to conduct an auction for non-exclusive licenses to Juniper's Mist AIOps source code used in its WLAN products. HPE will also facilitate limited access to Mist AIOps technology. The settlement is subject to court approval, and the filing does not provide the expected revenue or earnings impact of the divestiture.
How will the acquisition affect HPE's financial results?
Management expects the deal to be accretive to non-GAAP EPS in the first year after closing and states that the networking business will contribute more than 50% of total company operating income. The 8-K does not include quantified guidance, pro forma results, or acquired-business financials, which will be filed by amendment within 71 calendar days.
How was the acquisition financed, and what does it mean for HPE's balance sheet?
HPE funded the payment with cash from its balance sheet, commercial paper issuances, and borrowings under its three-year and 364-day delayed-draw term loan credit facilities. The filing does not disclose the resulting debt levels or leverage, so investors should review the forthcoming pro forma financial information and subsequent SEC filings for the balance sheet impact.
What happens to Juniper's employees' equity awards?
Juniper stock options were converted into options to buy HPE common stock on substantially the same terms, with the share count and exercise price adjusted to preserve value. Non-employee director RSUs were converted into the right to receive the $40.00 cash consideration. Other RSUs were converted into time-vesting HPE RSUs, and performance conditions were removed, using actual performance for completed periods and target performance otherwise.

04—Continue

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