Software services firm Zendesk to buy SurveyMonkey-parent for nearly $4 bln (updated)

Momentive Global

28/10/2021 23:09

(Adds details on deal, share movement)
    Oct 28 (Reuters) - Software services company Zendesk Inc
 ZEN.N  said on Thursday it would buy Momentive Global Inc
 MNTV.O  and its SurveyMonkey platform for nearly $4 billion in
an all-stock deal. 
    Under the terms of the deal, Momentive shareholders will 
receive 0.225 shares of Zendesk's stock for each share of
Momentive stock they own.
    Zendesk's stock plummeted 17% on news of the deal. 
    Such a sharp downturn in stock price have previously
resulted in the collapse of all-stock deals such as Zoom Video
Communications Inc's  ZM.O  $14.7 billion purchase of software
firm Five9 Inc  FIVN.O .
    Zendesk said it expects the deal with Momentive to
accelerate its revenue plan to $3.5 billion in 2024, one year
ahead of its previous target.

 (Reporting by Noor Zainab Hussain in Bengaluru; Editing by Arun
Koyyur)
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