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% 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.