Hewlett Packard Enterprise (HPE) has agreed to acquire AI networking, cloud, and connected security solutions leader Juniper Networks. The all-cash acquisition, worth $40.00 per share, carries an equity value of approximately $14 billion.

HPE expects that the deal will double its networking business and support both companies’ efforts in AI and cloud technology. The combined company will offer secure, end-to-end AI-native solutions built on the foundation of cloud, high performance, and experience-first, and will also have the ability to collect, analyze, and act on aggregated telemetry across a broader installed base.

Upon completion of the transaction, Juniper CEO Rami Rahim will lead the combined HPE networking business, reporting to HPE President and CEO Antonio Neri. The companies expect the transaction to close in late 2024 or early 2025.