Cisco gains EU antitrust nod for $28 billion Splunk acquisition

By Thomson Reuters Mar 14, 2024 | 6:30 AM

By Foo Yun Chee and Sudip Kar-Gupta

BRUSSELS (Reuters) – Cisco Systems won unconditional EU antitrust approval for its $28 billion bid for cybersecurity firm Splunk on Wednesday after EU regulators said they did not see any competition issues.

The deal announced last year is Cisco’s biggest-ever and aims to boost its software business amid a boom in artificial intelligence while also helping to offset a post-pandemic slowdown in demand.

“The Commission concluded that the notified transaction would not raise competition concerns, given its limited impact on competition in the markets where the companies are active, as there is a sufficient number of alternative players,” the European Commission said in a statement.

The EU competition enforcer also said the merged entity would not have the ability to shut out rivals.

Reuters reported on March 5 that the deal would be cleared without conditions by the EU competition enforcer.

(Reporting by Foo Yun Chee)