Salesforce announced yesterday the purchase of Slack, the workplace instant messaging company, for $27.7 billion in a cash and stock offering. Its goal is to outperform Microsoft in the race to market teleworking-oriented software.
Slack shareholders will receive $26.79 in cash and 0.07766 shares of Salesforce stock for each Slack title they hold. This represents a 100% valuation of the company at $27.7 billion.
Slack shares fell on the Wall Street post trading by 3.4% to $42.23, while Salesforce shares were left at about 3%. The announcement of the operation took place once the New York Stock Exchange was closed.
The bidding comes after Slack suffers to fully capitalize on the boom in rmetous work that the Covid-19 pandemic has brought with it and the confinement it has entailed. He faces competition from the Microsoft Teams application and other teleworking applications.
The deal is expected to close in the second quarter of Salesforce’s 2022 fiscal year.