The European Commission approved Hewlett Packard Enterprise’s (HPE) acquisition of Juniper Networks on August 1, 2024, and the UK Competition and Markets Authority (CMA) announced its clearance on August 7, 2024. Those approvals were not the closing: after a settlement with the U.S. Department of Justice, HPE completed the transaction on July 2, 2025.
HPE announced the all-cash deal at $40 per Juniper share, or approximately $14 billion in equity value. HPE’s later Form 10-Q reports approximately $13.4 billion in cash consideration paid at closing, a separate figure that should not be treated as the announced headline value.
Key dates in the HPE–Juniper transaction
| Date | Event | What it means |
|---|---|---|
| January 9, 2024 | HPE announces the acquisition | All-cash offer of $40 per Juniper share, representing approximately $14 billion in announced equity value. HPE announcement |
| August 1, 2024 | European Commission approval | Unconditional approval under the EU Merger Regulation after finding no competition concerns in the European Economic Area (EEA). Commission decision announcement |
| August 7, 2024 | UK CMA announces clearance | The CMA said the merger did not present a realistic prospect of a substantial lessening of competition. CMA case record |
| September 17, 2024 | CMA publishes its decision and closes the case record | This was the CMA’s published decision date, not the transaction closing date. |
| June 2025 | HPE announces a settlement with the U.S. Department of Justice | The settlement removed the remaining U.S. regulatory obstacle described by HPE. HPE settlement announcement |
| July 2, 2025 | HPE completes the acquisition | HPE announced that Juniper had become part of HPE. Closing announcement |
What the $14 billion figure represents
The approximately $14 billion figure was HPE’s announced equity value in January 2024, based on a $40-per-share cash offer. It describes the value of the equity being acquired when the transaction was announced.
HPE’s 2026 Form 10-Q instead reports approximately $13.4 billion in cash consideration paid when the acquisition closed on July 2, 2025. The filing’s closing figure and the announcement’s equity-value figure reflect different transaction reporting points; neither changes the agreed $40-per-share headline price. HPE Form 10-Q
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Why the UK CMA cleared the merger
The CMA’s jurisdiction was established in part because Juniper’s UK turnover exceeded £70 million. In its full decision, the authority assessed both horizontal unilateral effects and possible conglomerate effects.
Horizontal competition
The CMA concluded there was no realistic prospect of a substantial lessening of competition. It said Cisco would remain a significant constraint in campus switches and wireless local-area-network (WLAN) equipment. It also identified other credible suppliers, including Extreme Networks, Fortinet and Arista in campus switches, and CommScope, Ubiquiti and Fortinet in WLAN equipment.
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The authority summarized its conclusion as follows: “The Competition and Markets Authority (CMA) has found that the acquisition by Hewlett Packard Enterprise Company (HPE) of Juniper Networks, Inc. (Juniper), is a relevant merger situation that does not give rise to a realistic prospect of a substantial lessening of competition (SLC) as a result of horizontal unilateral effects or conglomerate effects.” CMA full-text decision
Conglomerate effects
The CMA also considered whether HPE could use a stronger position in one networking product market to foreclose rivals in another. It found that the combined company would not have sufficient market power in a networking product market to make that strategy commercially credible.
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Why the European Commission approved it
The Commission examined worldwide markets for WLAN equipment, wireless access points and data-center switches, as well as EEA-wide markets for Ethernet campus switches. It said the merged company’s position would remain moderate in the EEA and that HPE and Juniper were not each other’s closest competitors.
Established competitors would continue to operate in the affected markets. The Commission also found no ability to engage in anticompetitive bundling or tying of Juniper switches with HPE server or high-performance-computing offerings.
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Its announcement stated: “The European Commission has approved unconditionally, under the EU Merger Regulation, the proposed acquisition of Juniper Networks, Inc. (‘Juniper’) by Hewlett Packard Enterprise Company (‘HPE’).” European Commission approval release
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Clearance dates versus the actual closing
The UK and EU decisions addressed competition within their respective jurisdictions; they did not complete the corporate transaction. The Commission’s unconditional approval came on August 1, 2024, and the CMA announced its clearance on August 7. HPE still needed to resolve the U.S. Department of Justice process. HPE announced a DOJ settlement in June 2025 and then announced completion on July 2, 2025.
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HPE CEO Antonio Neri said the DOJ agreement “paves the way to close HPE’s acquisition of Juniper Networks” while preserving the intended benefits for customers and shareholders and creating greater competition in the global networking market. HPE settlement announcement
Quick Recap
What this means for readers following the deal
- The EU and UK approvals were regulatory milestones in 2024, not the acquisition date.
- The transaction legally closed on July 2, 2025, after the U.S. DOJ settlement.
- Regulators’ published analyses focused on networking markets and found other suppliers would continue to constrain HPE and Juniper.
- Use approximately $14 billion for the announced equity value and approximately $13.4 billion for the cash consideration HPE reported at closing; they are not interchangeable labels for the same reporting figure.
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