Cisco Systems Inc. (CSCO) received European Union (EU) regulatory approval for the networking equipment maker’s $28 billion purchase of cybersecurity firm Splunk Inc. (SPLK).

The European Commission ruled Wednesday that the deal didn’t violate 澳洲幸运5官方开奖结果体彩网:antitrust laws. It said the acquisition “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 澳洲幸运5官方开奖结果体彩网:deal was announced in September, with Cisco agreeing to pay $157 ꧙per share in cash for Splunk. 

Cisco said Splunk’s security capabilities complement Cisco’s existing portfolio, and the combination “will provide leading security analytics and coverage from devices to applications to clouds.” Cisco Chief Executive Officer (CEO) Chuck Robbins added that their joint capabilities “will drive the next generation of AI-enabled security and observability.”

The companies plan to close the transaction by the end of the third quarter.

Shares of both Cisco Systems 🥂and Splunk were down Thursday. Splunk shares skyrocketed following the deal announcement, and have added about three-quarters of theirꦡ value over the past year.