...March 20, 2025 This report does not constitute a rating action. CHICAGO (S&P Global Ratings) March 20, 2025--S&P Global Ratings today said that it expects Alphabet Inc. (##+/Stable/A-1+) will maintain its strong credit metrics and large net cash position following the company's announcement it will acquire Wiz Inc., a leading cloud security platform, for $32 billion in an all-cash transaction. Alphabet expects the transaction will close in 2026, subject to regulatory approval. Our ratings on the company are unchanged because we forecast it will maintain S&P Global Ratings-adjusted leverage of 0x despite completing the largest acquisition in its history. Alphabet had $79 billion of net cash as of the end of 2024 and we do not expect it will change its capital allocation plans following the transaction, thus we anticipate it will continue to return all of its free operating cash flow to its shareholders through dividends and share repurchases. Even after the acquisition closes, we expect...
