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- Cisco Systems (NASDAQ:CSCO) $28 billion deal to acquire Splunk (NASDAQ:SPLK) has been approved by the European Commission, the regulatory agency said on Thursday.
- “The Commission concluded that the notified operation would not raise competition concerns, given its limited impact on competition in the sector the markets in which companies operate, as there are a sufficient number of alternative players,” the EC said in a declaration. “Furthermore, the Commission found that the merged entity would not have the capacity to engage in any foreclosure strategy.”
- According to previous reports, the deadline for approval was March 13.
- Cisco said in its higher earnings call that the deal is expected to close late in the first quarter or early in the second quarter of calendar year 2024.
- Cisco shares increased by 0.3% in premarket trading while Splunk shares remained little changed.