Monitor the shareholder vote and HSR review timeline. The deal includes a significant regulatory termination fee ($300M) payable by Salesforce if antitrust clearance fails, suggesting Salesforce is highly committed. Watch for any competing bids or regulatory pushback that could delay or alter terms.
Price Chart
Executive Summary
Salesforce (CRM) has entered into a definitive agreement to acquire Braze (BRZE) for $47.50 per share in cash, representing an enterprise value of approximately $5.66 billion. The transaction is structured as a merger with a wholly owned subsidiary of Salesforce, and the Braze board has unanimously approved the deal. The acquisition is expected to close in Salesforce's fiscal year 2028, subject to Braze shareholder approval and regulatory clearances.
Key Financial Metrics
Key Facts
- Salesforce to acquire Braze for $47.50 per share in cash, ~$5.66 billion enterprise value
- Transaction expected to close in Salesforce's fiscal year 2028
- Braze board unanimously approved the merger; CEO Bill Magnuson and co-founder Jon Hyman among stockholders signing voting agreements to support the deal
- Conditions include Braze shareholder approval, HSR waiting period expiration, and no material adverse effect
- Termination fee of $191.39M payable by Braze to Salesforce in certain scenarios; $300M regulatory termination fee payable by Salesforce to Braze under specified conditions
- Qatalyst Partners provided fairness opinion to Braze; J.P. Morgan advised Salesforce
Financial Impact
$47.50 per share cash consideration; ~$5.66 billion enterprise value
Risk Factors
- Shareholder approval required; though insider support (voting agreements) reduces risk
- Regulatory review under HSR Act and other antitrust laws could delay or block the transaction
- Integration risk post-close; Braze's operations and culture must be absorbed into Salesforce
- Potential for competing acquisition proposals triggering termination fee dynamics
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0000950103-26-015850 |
| Document: dp254600_ex9901.htm | 0000950103-26-015850 |
| Document: dp254600_8k.htm | 0000950103-26-015850 |
| Document: dp254600_ex9902.htm | 0000950103-26-015850 |
| Document: 0000950103-26-015850-index-headers.html | 0000950103-26-015850 |
| Document: 0000950103-26-015850-index.html | 0000950103-26-015850 |
| Document: 0000950103-26-015850.txt | 0000950103-26-015850 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 6d ago | DEFA14A | $45.86 $45.88 | ▲ +0.04% | ▲ +0.57% | $45.78 (−0.17%) |
Oct 20, 2026 7d ago | DEFA14A | $45.68 $45.86 | ▲ +0.39% | ▲ +1.57% | $45.78 (+0.22%) |
Oct 20, 2026 7d ago | DEFA14A | $45.57 $45.68 | ▲ +0.24% | ▼ −0.28% | $45.78 (+0.46%) |
Oct 20, 2026 7d ago | 8-K | $45.57 $45.68 | ▲ +0.24% | ▼ −0.28% | $45.78 (+0.46%) |
Oct 16, 2026 11d ago | SC 13G/A | $30.04 $45.57 | ▲ +51.70% | ▲ +51.36% | $45.78 (+52.40%) |
Aug 28, 2026 8w ago | Insider Cluster | $34.04 $32.78 | ▲ +3.70% | ▲ +3.01% | $45.78 (−34.49%) |
Aug 26, 2026 8w ago | Insider Cluster | $34.09 $34.53 | ▲ +1.29% | ▲ +1.52% | $45.78 (+34.29%) |
Aug 21, 2026 9w ago | Insider Cluster | $31.44 $30.80 | ▼ −2.04% | ▼ −2.36% | $45.78 (+45.61%) |
Aug 14, 2026 10w ago | Insider Cluster | $27.95 $29.12 | ▲ +4.19% | ▲ +4.86% | $45.78 (+63.79%) |
Aug 14, 2026 10w ago | Insider Cluster | $27.95 $29.12 | ▲ +4.19% | ▲ +4.86% | $45.78 (+63.79%) |
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