The European Commission has approved Cisco Systems‘ (NYSE: CSCO) proposed $28 billion acquisition of San Francisco, California-based cybersecurity firm Splunk (Nasdaq: SPLK) following the completion of a merger review procedure.
The EU said Thursday the potential transaction would not hamper competition in the information technology software sector and the combined company would not engage in any foreclosure strategy.
Cisco first announced the proposed acquisition in September 2023 as part of the company’s effort to broaden its threat prediction and prevention capabilities.
Both companies’ boards of directors have unanimously approved the deal, which is expected to be completed by the end of the third quarter of 2024.
The combined entity will offer capabilities in artificial intelligence, security analytics and observability across hybrid and multi-cloud environments.
