Davis Polk advised Morgan Stanley & Co. LLC, Goldman, Sachs & Co. and Citigroup Global Markets Inc. as lead joint book-running managers, and Credit Suisse Securities (USA) LLC, Barclays Capital Inc., UBS Securities LLC and Raymond James & Associates, Inc. as book-running managers, in connection the $302.4 million SEC-registered offering of 4.8 million shares of common stock of Palo Alto Networks, Inc. sold by certain selling stockholders. The common stock is listed on the New York Stock Exchange under the symbol “PANW.”

Based in Santa Clara, California, Palo Alto Networks has pioneered the next generation of network security with its innovative platform that allows enterprises, service providers and government entities to secure their networks and safely enable the increasingly complex and rapidly growing number of applications running on their networks.

The Davis Polk corporate team included partner Bruce K. Dallas and associates Patrick Spencer and Jacqueline M. Pace. Partner Matthew B. Lehr and associate Shiwoong Kim provided intellectual property advice. The tax team included partner Rachel D. Kleinberg and law clerk Catherine Paskoff Chang. Counsel Cynthia Akard and Marcie A. Goldstein provided employee benefit and FINRA advice, respectively. Elizabeth J. Gordon was the legal assistant on the transaction. Members of the Davis Polk team are based in the Menlo Park and New York offices.



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