M&A · Tech · Services-Prepackaged Software
Salesforce.com, Inc. to acquire Slack Technologies, Inc.
Announced Dec 1, 2020 · Closed Jul 21, 2021
Deal value$27.70BEV $27.70B
Premium—To unaffected price
EV / Adj. EBITDA—36.1x EV / Revenue
ConsiderationCash and stock
Transaction
- Acquirer
- Salesforce.com, Inc. (CRM)
- Target
- Slack Technologies, Inc. (WORK)
- Buyer type
- Strategic
- Offer price per share
- —
- Enterprise value
- $27.70B
- Status
- Closed Jul 21, 2021
Deal protections
- Break fee (target pays)
- $900M · 3.2%
- Reverse fee (buyer pays)
- —
- Go-shop
- No-shop
- Financing
- No financing condition
Advisors
- To the acquirer
- BofA Securities
- To the target
- Qatalyst, Goldman Sachs
Sector context · Tech
- Comparable deals
- 4 in the prior 24 months
- Premium
- Sector median 19.0%
- EV / Adj. EBITDA
- Sector median 24.4x
- Break fee
- 3.2% vs. 2.2% sector median
Timeline
- AnnouncedDec 1, 2020
- Proxy filedJan 29, 2021
- Definitive proxyJan 29, 2021
- Shareholder voteMar 2, 2021
- ClosedJul 21, 2021
Valuation · fairness opinions
Discounted cash flowQatalyst$27.04$41.44
Discounted cash flowQatalyst$30.02$63.75
Discounted cash flowQatalyst$28.64$60.84
Discounted cash flowQatalyst$17.95$33.15
Precedent transactionsQatalyst$20.44$38.15
Discounted cash flowGoldman Sachs$26.00$46.00
Future share priceGoldman Sachs$31.00$50.00
Precedent transactionsGoldman Sachs$17.00$33.00
Precedent transactionsGoldman Sachs$35.00$48.00
Implied value per Slack Technologies, Inc. share by analysis, from Qatalyst and Goldman Sachs.