Wiz, a cloud security company previously rumored to be in talks with Google for acquisition, has ultimately abandoned the deal. Currently in negotiations to sell shares to investors, with an estimated business value of around 20 billion dollars. Bloomberg reports that after Alphabet, Google’s parent company, pulled out of the acquisition offer, the company is now seeking new investors to purchase shares previously expected to be sold to Alphabet. These shares are valued at approximately 500-700 million dollars. The reported offer from Alphabet for the acquisition stood at 23 billion dollars. However, the deal fell through due to concerns regarding business scrutiny and liabilities from both parties, with Wiz executives believing the company could command a higher value if it successfully enters the stock market via IPO.
Source: Bloomberg
TLDR: Wiz, a cloud security company, was in talks with Google for acquisition but the deal fell through. They are now seeking new investors with shares valued at around 20 billion dollars.
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