Germany: Federal Cartel Office approved acquisition of CyberArk by Palo Alto Networks

On 19 December 2025, the Federal Cartel Office approved Palo Alto Networks’ acquisition of CyberArk. The FCO assessed potential competition effects in the cybersecurity software market, particularly regarding CyberArk’s privileged access management solutions. It concluded that while there were functional connections between the companies’ product portfolios, actual overlaps were limited. The FCO also found that the relevant markets are highly competitive, making foreclosure through tying or bundling unlikely and the risk of customer lock-in low.