Salesforce signed a definitive agreement to acquire Slack for $27.7 billion in a transaction expected to finalize next year.
Five details:
1. Salesforce will combine Slack and the Salesforce Customer 360 operating system and integrate Slack into every Salesforce Cloud.
2. Slack CEO Stewart Butterfield will continue to lead the company as a unit of Salesforce. Slack is already used by Sales, Target and other Fortune 500 companies as well as governments in 150 countries.
3. The transaction is expected to close during the second quarter of the 2022 fiscal year.
4. Salesforce has a commitment for a $10 billion senior unsecured 364-day bridge loan from Citigroup Global Markets, Bank of America and JPMorgan Chase Bank for the transaction.
5. Slack shareholders will receive $26.79 in cash and 0.0776 shares of Salesforce common stock for each Slack share.