Wiz ends takeover talks with Google and pivots to an IPO amid regulatory and investor concerns.
Google’s takeover interest in Wiz has ended, with the companies no longer pursuing what was expected to be a $23 billion deal.
The cybersecurity firm will instead pursue an Initial Public Offering (IPO), according to reports.
Chief executive Assaf Rappaport had informed employees that the decision was influenced by regulatory concerns and investor issues.
It also comes after Microsoft and Crowdstrike put cyber-sec under a scrutinous spotlight after Friday’s global IT outage wreaked havoc on worldwide travel, banking and media operations.
A deal, had it proceeded, would’ve been Google's largest acquisition to date, but it was expected to face significant regulatory scrutiny due to Google's dominant market position.
Attentions will now be on what’s likely a higher profile IPO, with nosey parkers likely looking to see whether Google gets involved as a shareholder.
Ahead of tonight’s financials, Google-parent Alphabet (NASDAQ:GOOG) saw its share price rise $1.17 or 0.6% to trade at $184.47.
