Wiz walks away from $23 billion deal with Google, will pursue IPO

Wiz has walked away from a $23 billion deal to be acquired by Google, in what would have been the search giant’s largest-ever deal, telling employees it would pursue an initial public offering as it initially planned.

“Saying no to such humbling offers is tough,” Wiz co-founder Assaf Rappaport said in a memo obtained by CNBC to the company’s worldwide employee base. A person familiar with the company’s thinking cited both antitrust and investor concerns as part of the motivation behind the decision to walk away.