Cisco to acquire Splunk for $28 billion

Cisco Systems said on Thursday it would acquire cybersecurity company Splunk for about $28 billion.

Cisco's offer price of $157 per share in cash, represents a premium of about 31 per cent to Splunk's closing price on Wednesday.

Upon the closing of the deal, Splunk CEO Gary Steele will join Cisco's executive leadership team reporting to Cisco CEO Chuck Robbins.