Splunk shares jump more than 23% to $147/share. Cisco previously announced the deal to acquire Splunk for $28 Billion.
Cisco is paying $157 per share in cash for Splunk, a roughly 38% premium to Wednesday's closing price. Once the deal closes, Splunk President and CEO Gary Steele will become a member of Cisco's executive leadership team and report to Chairman and CEO Chuck Robbins.