Palo Alto Networks acquires CyberArk in $25bn deal

BY Fraser Tennant

In one of the largest technology deals of 2025, US multinational cyber security leader Palo Alto Networks is to acquire Israeli information security company CyberArk in a cash and stock transaction valued at approximately $25bn.

Under the terms of the definitive agreement, CyberArk shareholders will receive $45 in cash and 2.2005 shares of Palo Alto Networks common stock for each CyberArk share.

Combining CyberArk’s longstanding leadership in identity security and privileged access management with Palo Alto Networks’ comprehensive artificial intelligence (AI)-powered security platforms will extend privileged identity protection to all identity types, including human, machine and the new wave of autonomous AI agents.

“Our market entry strategy has always been to enter categories at their inflection point,” said Nikesh Arora, chairman and chief executive of Palo Alto Networks. “This strategy has guided our evolution from a next-gen firewall company into a multi-platform cyber security leader. The rise of AI and the explosion of machine identities have made it clear that the future of security must be built on the vision that every identity requires the right level of privilege controls.”

Once closed, the combination of the two organisations will offer the industry’s most comprehensive and integrated security portfolio, providing customers with a single, trusted vendor for their most critical security needs.

“This is a profound moment in CyberArk’s journey,” said Udi Mokady, founder and executive chairman of CyberArk. “From the beginning, we set out to protect the world’s most critical assets, with a relentless focus on innovation, trust and security. Joining forces with Palo Alto Networks is a powerful next chapter, built on shared values and a deep commitment to solving the toughest identity challenges.”

The transaction – which is subject to the satisfaction of customary closing conditions including the receipt of regulatory clearances and approval by CyberArk shareholders – has been unanimously approved by the boards of directors of both Palo Alto Networks and CyberArk, and is expected to close during the second half of 2026.

Mr Mokady concluded: “Together, we will bring unmatched expertise across human and machine identities, privileged access, and AI-driven innovation to secure and define the next chapter of cyber security.”

News: Palo Alto Networks (PANW) to Acquire CyberArk in $25 Billion AI Security Deal

3D printer maker Desktop Metal files for Chapter 11

BY Fraser Tennant

US 3D printer manufacturer Desktop Metal, along with more than a dozen of its US affiliates, has filed for Chapter 11 bankruptcy protection in the Southern District of Texas. 

According to court documents, Desktop Metal – a subsidiary of machinery industry company Nano Dimension – has assets and liabilities in the range of $100m to $500m.

The decision to file for Chapter 11 was made by Desktop Metal’s independent board of directors after exploring strategic alternatives to address significant liabilities and liquidity needs stemming from decisions made by its prior management.

Although the filing means that the company is unable to meet contractual obligations regarding services or pay, Desktop Metal will retain control of its business operations while it undergoes reorganisation, including a planned sale of its subsidiaries.

To that end, the company is in discussions to sell a number of its foreign subsidiaries – ExOne GmbH, EnvisionTEC GmbH, ExOne KK, and AIDRO srl – to an affiliate of Anzu Partners, an investment firm that focuses on cleantech, industrial and life science technology companies.

Should the court-supervised process be successful, the sale will go toward repaying part of Desktop Metal’s debts, resulting in a stabilisation of the remaining corporate structure.

“We are safeguarding our financial strength and preserving our position as the best capitalised company in our ecosystem,” said Ofir Baharav, chief executive of Nano Dimension. “This is what enables Desktop Metal to pursue strategic opportunities from a position of maximum strength – and that is exactly what the company’s shareholders should expect from us.”

Nano Dimension acquired Desktop Metal in a $179.3m transaction in April 2025.

Driving a new era of digital mass production of industrial, military, medical and consumer products, the Massachusetts-based Desktop Metal’s innovative 3D printers, materials and software save time and money, reduce waste, increase flexibility and enable once-impossible innovations.

In a statement, Desktop Metal said it valued its stakeholders – employees, customers, vendors and other partners – and would be communicating with them directly regarding next steps in the coming days.

News: Nano Dimension subsidiary Desktop Metal files for Chapter 11 bankruptcy

US banks merge in $8.6bn deal

BY Richard Summerfield

Two US banking organisations – Pinnacle Financial Partners and Synovus Financial Corp – have reached an agreement to merge in an all-stock transaction valued at $8.6bn. The deal will see the creation of the highest-return regional bank in the southeastern US.

The deal, which is expected to close in Q1 2026, subject to regulatory and shareholder approvals, and which is the biggest bank deal to be announced so far this year, will see Synovus and Pinnacle shares converted into stock of a new Pinnacle parent company.

Under the terms of the deal, the shares of Synovus and Pinnacle shareholders will be converted into shares of a new Pinnacle parent company based on a fixed exchange ratio of 0.5237 Synovus shares per Pinnacle share. This exchange ratio represents a Synovus per share value of $61.18, a transaction value of $8.6bn and an approximate 10 percent premium to Synovus on an unaffected basis. Upon completion. Synovus shareholders will own about 48.5 percent of the new company; Pinnacle shareholders will have roughly 51.5 percent.

Kevin Blair, chief executive of Synovus, will continue in that role for the newly combined entity. Terry Turner, who has been chief executive of Pinnacle since its founding in 2000, will serve as chairman. The combined entity will be operated under the Pinnacle brand.

“Over the last 25 years, we have attracted extraordinary talent to a bank that closely partners with its clients, developing ‘raving fans’ and delivering industry-leading growth,” said Mr Turner. “We are pleased to join forces with Synovus in a combination that prioritizes client experience and inspires associates. By combining Pinnacle’s operating model, which is anchored in a disciplined entrepreneurial spirit, with Synovus’ talented team and strong presence in attractive and fast-growing Southeastern markets, we will extend our legacy of building share in the most attractive markets nationally.”

“We are two high-performing institutions with one powerful future,” said Mr Blair. “Our belief in the success of this merger is grounded in a decade of strong results and proven execution from both companies, each delivering top-tier earnings and total shareholder returns. Building on a rich tradition of service and accelerating momentum, Synovus is well-positioned for growth. Together with Terry and the Pinnacle team, we are primed for continued outperformance, as we are not just combining forces – we are multiplying our impact.”

The companies noted that their merger focuses on the fastest-growing markets in the southeastern US. Pinnacle operates its banking business from Nashville, Tennessee and manages $54.8bn in assets. Synovus, headquartered in Georgia, oversees approximately $61bn in assets through its network of 244 branches, which span Alabama, Florida, South Carolina, Tennessee and Georgia.

In a 16 July earnings release, Synovus said that it delivered 28 percent year-over-year growth in adjusted earnings per share in the second quarter. On 15 July, Pinnacle said in its earnings release that its fully diluted earnings per share after adjustments were up 22.7 percent year over year. The bank also reported that it was “very active on the recruiting front” and had expanded into Richmond, Virginia.

News: Pinnacle Financial Partners, Synovus Financial to merge in $8.6 billion deal

Corpay agrees $2.2bn Alpha Group acquisition

BY Richard Summerfield

Corporate payments group Corpay Inc has agreed to acquire British financial services provider Alpha Group in a $2.2bn all-cash deal.

Under the terms of the deal, Alpha shareholders will receive £42.50 per share, representing a 55 percent premium to Alpha’s undisturbed closing share price on 1 May 2025. The terms of the acquisition value the entire issued and to-be-issued ordinary share capital of Alpha at approximately $2.4bn. The acquisition is to be affected by means of a court-sanctioned scheme of arrangement under part 26 of the UK Companies Act 2006.

Alpha’s board intends to unanimously and unconditionally recommend that its shareholders vote in favour of the scheme at the court and general meetings. Morgan Tillbrook, Alpha founder and former chief executive and a significant shareholder, has signed an irrevocable undertaking in support of the transaction as well. The deal is expected to close in the fourth quarter of 2025, subject to shareholder and regulatory approval and standard closing conditions. The deal is to be funded through a combination of cash, debt, bank capital optimisation and non-core divestitures.

“We couldn’t be happier to acquire Alpha,” said Ron Clarke, chairman and chief executive of Corpay. “This transaction meaningfully expands our relationships with investment managers and results in four Cross Border customer segments: corporates, financial institutions, investment funds and digital currency providers.

“We’re acquiring Alpha for three reasons,” he continued. “First, it’s a large, highly complementary, fast-growing corporate payments asset with good prospects. Second, Alpha is a leading provider of alternative bank accounts to European-based investment managers. There is significant runway to expand those investment manager relationships into the US and Asia with our help. The banking account product and Alpha’s technology extend our Cross Border solution set and further diversify our revenue streams. And third, we expect the acquisition to be meaningfully EPS accretive in 2026.”

“We’re delighted to consummate this transaction with Corpay,“ said Clive Kahn, chief executive of Alpha Group. “Corpay’s position as the leading non-bank provider of B2B cross border solutions is the perfect home for our people and will broaden their career prospects over time. Additionally, Corpay’s global footprint, licenses, bank relationships, technology, and balance sheet will accelerate our growth momentum, particularly in our institutional investor business.”

Corpay said the acquisition will boost its cross-border payments strategy by combining Alpha’s advisory-led European foreign exchange and private markets business with its own scale and platform. The company expects the deal to be accretive to cash earnings per share by at least $0.50 in 2026 and to generate significant revenue and cost synergies.

News: Payments firm Corpay signs $2.2 billion deal for UK's Alpha Group

Glucose monitoring firm LifeScan files for Chapter 11

BY Fraser Tennant

As part of a plan to be taken over by its creditors, blood glucose monitoring device manufacturer LifeScan has filed for Chapter 11 bankruptcy protection under a prearranged restructuring support agreement (RSA).

Through the RSA, LifeScan expects to reduce more than 75 percent of its $1.275bn debt, which will enable the company to accelerate strategic investments that will support the future of the business.

LifeScan’s international subsidiaries are not included in the Chapter 11 filing in the US.

LifeScan expects to emerge from the bankruptcy process under the majority ownership of a group of the company’s existing lenders, with whom it has had a longstanding and productive relationship. The company’s financial partners recognise the strong and growing potential of the glucose management industry, and through this process have committed their support for LifeScan’s go-forward strategy.

A global leader in blood glucose monitoring and digital health technology, LifeScan’s OneTouch brand products help more than 20 million people with diabetes and their caregivers around the world improve the quality of life for people with diabetes with products and digital platforms defined by simplicity, accuracy and trust.

“This balance sheet restructuring will significantly strengthen LifeScan’s financial position, enabling us to continue serving more than 20 million customers across 50-plus countries and put new growth strategies in place,” said Valerie Asbury, chief executive of LifeScan. “With a stronger financial foundation upon emerging from this process, LifeScan will be better positioned to invest in its global business.”

This investment will see LifeScan continue to prioritise product availability and superior customer service as it works proactively to become one of the most comprehensive players in the glucose management industry. As part of this effort, the company intends to accelerate strategies in the US market that offer both stronger economics and more predictable patient access.

“In the US, we will continue to take action to expand access to OneTouch so consumers can continue to manage their health with our reliable and affordable products, without the need for a prescription,” continued Ms Asbury. “We recognise that our products are essential for people with diabetes to make life-sustaining decisions and are evolving our model to bring products and services to market through multiple channels.”

LifeScan intends to operate in the ordinary course throughout the restructuring proceedings and anticipates emerging by the end of 2025, with a strengthened balance sheet and enhanced liquidity to support its US and international growth initiatives.

Ms Asbury concluded: “LifeScan is deeply grateful for the partnership of its lenders and sponsor and the unyielding commitment of its employees, which will enable it to become a stronger company and create a world without limits for people with diabetes.”

News: Vital diabetes care health care brand files Chapter 11 bankruptcy