TASE eyes major Israeli cos traded only on Wall Street

Core Viewpoint - The Tel Aviv Stock Exchange (TASE) has successfully attracted Palo Alto Networks, the largest cybersecurity company globally, to dual-list on the TASE, marking a significant shift in the exchange's appeal to major tech firms [1][3]. Company Overview - Palo Alto Networks is currently traded on Nasdaq with a market capitalization of $115 billion and has extensive operations in Israel, being founded by Israeli entrepreneur Nir Zuk [2]. - The acquisition of CyberArk, valued at approximately $21 billion, will primarily be conducted through shares, which is expected to increase Palo Alto's market cap further [3]. Market Impact - Upon its listing, Palo Alto will have a valuation exceeding NIS 350 billion, making it the largest company on the TASE, significantly surpassing the current largest company, Teva Pharmaceuticals, which has a market cap of about NIS 125 billion [3][4]. - The TASE's market cap increased by 10% following the announcement, reflecting a substantial rise of over eightfold in the last three years, with the current market cap at NIS 13 billion [8]. Industry Significance - Palo Alto's dual-listing is expected to enhance liquidity and attract international interest in the Israeli market, reinforcing Israel's status as a global cybersecurity hub [6]. - The move may encourage other Israeli or Israel-connected companies listed only on Wall Street to consider dual-listing on the TASE, potentially increasing their visibility and demand [10]. Employment and Operations - CyberArk, which was acquired by Palo Alto, had nearly 4,000 employees, including about 1,000 in Israel, while Palo Alto had over 16,000 employees, with nearly 1,500 in Israel [12][13]. - The acquisition is noted as the second largest in the Israeli cybersecurity sector, following Google's acquisition of Wiz for $32 billion [12].