US-based computing equipment maker Hewlett Packard Enterprise has reached an agreement to acquire networking equipment maker Juniper Networks for approximately $14 billion in cash.

According to a joint statement by the companies, Juniper Networks has accepted Hewlett Packard Enterprise's acquisition offer of approximately $14 billion ($40 per share).

The offer is approximately 33 percent above the stock market closing price of Juniper Networks' shares on January 8, which is headquartered in Sunnyvale, USA.

Hewlett Packard Enterprise, which produces computing hardware and provides cloud services, aims to better position the company in the age of artificial intelligence by acquiring Juniper Networks, a nearly 100-year-old technology company and manufacturer of networking equipment.

The $14 billion acquisition is expected to be completed in late 2024 or early 2025 after the necessary permits.