Wiz Walks Away from $23 Billion Google $GOOGL Acquisition, Plans IPO

Jul 23, 2024, 02:37 AM

Alphabet's Google, trading under $GOOGL, was in talks to acquire cybersecurity startup Wiz for approximately $23 billion, marking its largest acquisition to date. However, Wiz has decided to walk away from the deal and will instead pursue its original plan to go public through an IPO. The decision comes amid potential regulatory scrutiny and other concerns. Wiz's CEO, Assaf Rappaport, informed employees of the decision, emphasizing the company's commitment to its IPO path, as reported by CNBC and detailed in a memo.