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Google (NASDAQ: GOOGL) has sealed a $32 billion acquisition of Israeli cybersecurity firm Wiz, months after a previous deal fell through. The agreement, finalized after U.S. President Donald Trump took office, benefited from a potentially friendlier antitrust climate, sources say.
Google initially offered $23 billion in July 2023 but raised its bid by 39% while significantly increasing the breakup fee to over $3.2 billion—more than 10% of the deal’s value. This premium was justified by Wiz’s 70% annual revenue growth and over $700 million in annualized revenue.
Negotiations resumed last fall as Wiz explored an IPO, but serious talks intensified after Trump’s January 20 inauguration. Key players in the deal included Wiz’s CEO Assaf Rappaport, newly appointed CFO Fazal Merchant, and Google’s cloud chief Thomas Kurian.
Wiz remained cautious after Adobe’s (NASDAQ: ADBE) failed $20 billion takeover of Figma due to antitrust scrutiny. Google’s previous breakup fee offer of $2 billion was deemed insufficient, prompting executives to push for better terms. Some of Wiz’s top venture-capital backers feared regulatory challenges under former FTC Chair Lina Khan. However, Trump’s appointment of Andrew Ferguson as FTC Chair and Gail Slater to lead DOJ antitrust reviews eased concerns.
Google’s acquisition of Wiz now ranks among the largest tech deals ever. Bank of America advised Google, while Goldman Sachs represented Wiz. Neither company has publicly commented on whether U.S. regulators were approached before the deal was signed.
