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Cisco | 8-K: Cisco Completes Acquisition of Splunk

SEC announcement ·  Mar 18 16:27
Summary by Moomoo AI
On March 18, 2024, Cisco Systems, Inc. completed its acquisition of Splunk Inc., with Splunk becoming a wholly owned subsidiary of Cisco. The transaction, valued at approximately $28 billion, was finalized following an agreement dated September 20, 2023. Each share of Splunk common stock was converted into the right to receive $157.00 in cash. Unvested and vested Splunk stock options and restricted stock units were also converted as part of the merger consideration. Cisco issued a press release on the same day, highlighting the acquisition's completion and its strategic significance. The acquisition is expected to be cash flow positive and non-GAAP gross margin accretive in Cisco's fiscal year 2025, and non-GAAP EPS accretive in fiscal year 2026. The merger is seen as a transformative...Show More
On March 18, 2024, Cisco Systems, Inc. completed its acquisition of Splunk Inc., with Splunk becoming a wholly owned subsidiary of Cisco. The transaction, valued at approximately $28 billion, was finalized following an agreement dated September 20, 2023. Each share of Splunk common stock was converted into the right to receive $157.00 in cash. Unvested and vested Splunk stock options and restricted stock units were also converted as part of the merger consideration. Cisco issued a press release on the same day, highlighting the acquisition's completion and its strategic significance. The acquisition is expected to be cash flow positive and non-GAAP gross margin accretive in Cisco's fiscal year 2025, and non-GAAP EPS accretive in fiscal year 2026. The merger is seen as a transformative step for Cisco, positioning it as one of the largest software companies globally and enhancing its capabilities in security, observability, networking, and AI. The integration of Splunk's offerings is anticipated to deliver a unified view of digital landscapes, aiding in the defense against cybersecurity threats and the optimization of network experiences. The transaction details include the delisting of Splunk's common stock from NASDAQ.

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