Arnold & Porter recently served as lead global antitrust and foreign direct investment (FDI) counsel to Palo Alto Networks in its acquisition of identity security firm CyberArk, which provides technology designed to protect credentials, secrets, and high-risk administrative accounts across enterprise and infrastructure systems. The transaction, valued at approximately $25 billion in cash and stock, closed on February 11, 2026.
The acquisition comes as Identity Security reaches a critical juncture, driven by the proliferation of AI and the growing number of machine-based digital identities that require protection.
As lead global antitrust and FDI counsel, Arnold & Porter directly handled the U.S. merger control filing, as well as both merger control and foreign investment filings in Germany and the United Kingdom. The firm coordinated additional merger control and foreign investment filings in more than a dozen countries over an eight-month period, securing unconditional clearances in all jurisdictions.
The competition reviews addressed a range of horizontal, vertical, and conglomerate theories applicable in evolving technology markets, highlighting Arnold & Porter's deep experience guiding clients through complex transactions at the intersection of antitrust, foreign investment, and cutting-edge technology.
The Arnold & Porter team was led by partners Jon Gleklen and Axel Gutermuth and included partners Zeno Frediani and John Schmidt; counsel Peter Danias; and associates Ewa Kontkiewicz, Jéssica Nemeth, Tim Roche, and Sara Routsi.