Cisco announced its acquisition of cybersecurity software company Splunk in a Cash Deal worth around $28 billion, marking its largest acquisition to date. Splunk shares rose 21% following the announcement, while Cisco's shares slipped 3.3%. The deal is expected to close in Q3 2024 and aims to bolster Cisco's cybersecurity offerings. Cisco plans to finance the acquisition with a combination of cash and debt. Analysts raised concerns about potential product overlap and the price paid for Splunk, but both companies expressed confidence in the deal. Splunk CEO Gary Steele will join Cisco's executive leadership team after the acquisition is completed.

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