- Software services provider Zendesk Inc ZEN agreed to acquire SurveyMonkey platform owner Momentive Global Inc MNTV for nearly $4 billion in an all-stock deal.
- Momentive shareholders will receive 0.225 shares of Zendesk's per share of Momentive stock, implying a value of about $28 per share. The purchase price means a 14% premium on Momentive Global's October 27 closing price of $24.56.
- The deal will likely close in the first half of 2022.
- Zendesk reported its third-quarter FY21 revenue on October 28, which grew 32% year-on-year to $347 million.
- Zendesk sees the deal to drive its revenue plan to $3.5 billion in 2024, one year ahead of its previous target.
- Zendesk held $953.8 million in cash and equivalents as of September 30.
- Price Action: ZEN shares traded lower by 18.9% at $96.47 in premarket on the last check Friday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
