- Slack shareholders will receive $26.79 in cash and 0.0776 shares of Salesforce common stock for each Slack share;
- The deal is expected to close in the second quarter of Salesforce’s fiscal year 2022.
Salesforce said on Tuesday it would buy workplace messaging app Slack in a $27.7 billion cash-and-stock deal, as the cloud-computing pioneer ramps up its remote work offerings and takes on larger rival Microsoft.
Slack shareholders will receive $26.79 in cash and 0.0776 shares of Salesforce common stock for each Slack share.
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Slack shares fell 3.4% to $42.43 in extended trading, while Salesforce’s stock declined nearly 3%.
The bid comes as Slack struggles to fully capitalize on the switch to remote working during the COVID-19 pandemic in the face of fierce competition from Microsoft’s Teams and other workplace apps.
The deal is expected to close in the second quarter of Salesforce’s fiscal year 2022.
