By Matt Grossman

Salesforce.com Inc. shares declined Wednesday morning a day after the company said it agreed to buy Slack Technologies Inc. for $27.7 billion.

In the first half hour of trading, Salesforce shares dipped 9.4% to $218.60. Slack shares fell 2.9% to $42.62.

The deal would help Salesforce move beyond its core business, which provides software that allows companies to manage sales relationships. Salesforce Operating Chief Bret Taylor described the deal as an investment in the importance of workplace communications amid a pandemic that has decentralized employees as more people work from home.

In the merger, which must clear Slack shareholder and regulatory approvals, Slack stock owners would receive $26.79 in cash and 0.0776 Salesforce shares for each share of Slack stock.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

December 02, 2020 10:07 ET (15:07 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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