The networking equipment company Cisco Systems said it would acquire Splunk for $157 a share in cash in a deal with an enterprise value of about $28 billion.
Cisco shares were down 3.3% to $53.67 in morning trading, while Splunk , a cybersecurity and data analytics software firm, surged 21% to $144.91. It closed Wednesday at $119.59. Cisco said the acquisition is expected to be cash-flow positive and to boost gross margins in the first fiscal year after it closes. It should add to adjusted earnings in the second year. The transaction is also expected to boost Cisco’s revenue growth and help to expand its gross margins.
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