Benzinga | Jul 2, 2021 03:34PM EDT

What's The Latest On The Salesforce Acquisition Of Slack?

Salesforce.com Inc (NYSE:CRM) signed a definitive agreement to acquire Slack Technologies Inc (NYSE:WORK) in December 2020. The deal, which has an enterprise value of approximately $27.7 billion, is yet to close.

Pending shareholder approval, the transaction is expected to close in the second quarter of Salesforce's fiscal year 2022, which represents the three-month period ending July 31, 2021.

What's New: On Tuesday, Salesforce announced the pricing of an aggregate $8 billion senior notes offering. The CRM company said it expects to use the net proceeds from the offering of the notes to partially fund its acquisition of Slack.

Slack released a new tool for its platform this week called Slack Huddles. The company describes it as a lightweight and audio-first way to communicate inside a Slack channel or direct message.

Related Link: 6 Salesforce Analysts React To Slack Deal: 'Game-Changer Potential'

Why It Matters: An article from TechCrunch states that Slack CEO Stewart Butterfield said the company isn't currently working with Salesforce "because of regulatory limits on communications."

TechCrunch mentions Butterfield said he could "definitely see" how the newly released Slack tools could be utilized on the Salesforce platform.

Price Action: At last check Friday, Salesforce was up 1.22% at $247.97, while Slack was up 0.85% at $44.61.

Photo: courtesy of Salesforce.