![]() ![]() Adjusted earnings were $1.74 a share, compared with 75 cents a share in the year-ago period. Salesforce also reported third-quarter net income of $1.08 billion, or $1.15 a share, versus a loss of $109 million, or 12 cents a share, in the year-ago period. Salesforce said it expects the acquisition to close in its fiscal second quarter, which ends in July 2021. Morgan Chase for a 364-day $10 billion bridge loan. ![]() Salesforce said it would fund the cash portion of the deal with a combination of new debt and cash on hand, noting it received a commitment from Citigroup, Bank of America, and J.P. Which has its competing Teams direct messaging service and already competes with Salesforce with its Dynamics 365 CRM service. Salesforce’s acquisition of the business-communications company, which went public in June 2019, is seen as a “major shot across the bow” at Microsoft Corp. “When you look at what we’ve learned, our ability to integrate companies, to make one plus one equal three, we look at this and we say ‘Wow this is a game changer and we know-how to pull it off,’ and we have a lot of our former executives, for example, at Slack already, so we know a lot of those players,” Benioff said. That followed up its $6.5 billion acquisition of Mulesoft back in 2018. Prior to the Slack announcement, Tableau Software was Salesforce’s largest acquisition to date at $15.7 billion, closing in August 2019. “On the whole, our transactions have been extremely successful,” said Marc Benioff, Salesforce chairman and chief executive, on the call. On the earnings conference call, the question arose: If Salesforce and Slack already had a close relationship, why buy the company for nearly $28 billion rather than partner up? ![]() Slack’s stock is up 95% for the year, and up 44% since last Tuesday, when reports of the deal surfaced. Slack shares fluctuated between slight gains and losses after hours, following a 2.2% rise in the regular session to close at $43.84. With shareholders receiving $26.79 in cash and 0.0776 shares of Salesforce common stock for each Slack share, for a combined $45.86 a share. ![]()
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