U.S. Markets closed

Juniper Networks to acquire Mist Systems for $405 million

Emily Bary

Juniper Networks Inc. announced Monday that it intends to purchase Mist Systems, a wireless-networks company that makes use of artificial intelligence. Juniper will pay $405 million in cash and the assumption of outstanding equity awards. The company expects the deal to close in its fiscal second quarter, which ends in June. "The acquisition of Mist Systems would give Juniper a product portfolio to compete directly against HPE's Aruba and Cisco WLAN products," wrote Wells Fargo analyst Aaron Rakers. "We view the acquisition as a natural extension of Juniper which helps the company diversify away from service providers." Juniper's stock is down 1% in midday trading Monday. It's lost 5.7% over the past three months, as the S&P 500 has ticked up 2.5%.