Watch for Braze shareholder vote timing and regulatory clearance under HSR Act and foreign investment laws. The deal includes a 12-month outside date with two 90-day extensions for regulatory approvals. Any competing bid or regulatory challenge could alter the timeline or outcome.
Price Chart
Executive Summary
Salesforce (CRM) has signed 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 has been unanimously approved by Braze's board and is expected to close in Salesforce's fiscal year 2028, subject to shareholder and regulatory approvals. Key Braze insiders, including CEO Bill Magnuson and co-founder Jon Hyman, have entered into voting agreements to support the deal.
Key Financial Metrics
Key Facts
- Salesforce to acquire Braze for $47.50 per share in cash, ~$5.66 billion enterprise value
- Transaction approved unanimously by Braze board; expected close in Salesforce FY2028
- Braze shareholders to vote on merger; insiders representing ~5.9M shares have agreed to vote in favor
- Regulatory approvals required under HSR Act and other antitrust/foreign investment laws
- Termination fee of $191.39M payable by Braze to Salesforce under certain conditions; $300M reverse termination fee payable by Salesforce to Braze if regulatory issues block deal
- Braze equity awards to be cashed out or converted into Salesforce restricted stock units
- Braze serves ~2,770 customers including Canva, Dairy Queen, Equinox, Instacart, Urban Outfitters, Venmo
Financial Impact
All-cash acquisition valued at ~$5.66 billion enterprise value, or $47.50 per Braze share
Risk Factors
- Regulatory delays or failure to obtain antitrust/foreign investment approvals
- Shareholder vote failure or appraisal demands
- Integration risk post-close; Salesforce has not guided FY28 or updated long-term targets
- Potential competing acquisition proposals triggering termination fee
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| DEFA14A Filing (Primary) | 0000950103-26-015851 |
| Document: dp255272_ex9901.htm | 0000950103-26-015851 |
| Document: dp255272_defa14a.htm | 0000950103-26-015851 |
| Document: dp255272_ex9902.htm | 0000950103-26-015851 |
| Document: 0000950103-26-015851-index-headers.html | 0000950103-26-015851 |
| Document: 0000950103-26-015851-index.html | 0000950103-26-015851 |
| Document: 0000950103-26-015851.txt | 0000950103-26-015851 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | DEFA14A | $45.86 $45.88 | ▲ +0.04% | ▲ +0.57% | $45.78 (−0.16%) |
Oct 20, 2026 6d ago | DEFA14A | $45.68 $45.86 | ▲ +0.39% | ▲ +1.57% | $45.78 (+0.23%) |
Oct 20, 2026 7d ago | DEFA14A | $45.57 $45.68 | ▲ +0.24% | ▼ −0.28% | $45.78 (+0.47%) |
Oct 20, 2026 7d ago | 8-K | $45.57 $45.68 | ▲ +0.24% | ▼ −0.28% | $45.78 (+0.47%) |
Oct 16, 2026 10d ago | SC 13G/A | $30.04 $45.57 | ▲ +51.70% | ▲ +51.36% | $45.78 (+52.41%) |
Aug 28, 2026 8w ago | Insider Cluster | $34.04 $32.78 | ▲ +3.70% | ▲ +3.01% | $45.78 (−34.50%) |
Aug 26, 2026 8w ago | Insider Cluster | $34.09 $34.53 | ▲ +1.29% | ▲ +1.52% | $45.78 (+34.31%) |
Aug 21, 2026 9w ago | Insider Cluster | $31.44 $30.80 | ▼ −2.04% | ▼ −2.36% | $45.78 (+45.63%) |
Aug 14, 2026 10w ago | Insider Cluster | $27.95 $29.12 | ▲ +4.19% | ▲ +4.86% | $45.78 (+63.81%) |
Aug 14, 2026 10w ago | Insider Cluster | $27.95 $29.12 | ▲ +4.19% | ▲ +4.86% | $45.78 (+63.81%) |
US Market Status
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