Alphabet makes its biggest acquisition to date

Loren Torres brings you the biggest news of the day, including why Forever 21 is closing all U.S. locations.

Transcript

00:00Google parent Alphabet just made its largest acquisition ever.

00:03The company has agreed to buy cybersecurity firm Wiz for $32 billion.

00:08Alphabet will now own Wiz's AI-powered cybersecurity software for cloud computing.

00:13The move bolsters Alphabet's ability to compete with the likes of Microsoft and Amazon in

00:17the cloud computing space.

00:19Alphabet had previously been close to acquiring Wiz for $23 billion in the summer of 2024,

00:24but the deal fell apart over regulatory concerns.

00:27The acquisition is expected to close in 2026.

00:30Of the new deal, Wiz CEO Asaf Rappaport said,

00:33"...becoming part of Google Cloud is effectively strapping a rocket to our backs.

00:37It will accelerate our rate of innovation faster than what we could achieve as a standalone

00:41company."

00:42That'll do it for your daily briefing.

00:43From New York City, I'm Lauren Torres with The Street.