Slack Files To Go Public
Slack, a communications app, filed confidentially to go public with its shares on Monday. This moves the business messaging service a step closer to going public. Analysts expect it to be a high-profile year for initial public offerings. The app, which launched in 2013, allows businesses to communicate through groups and quickly replaces email in many companies.
Currently, Slack is hoping for at least $10Bn in the listing. They also plan to pursue a public listing instead of an IPO. They didn’t specify how many shares will be released or the price range of said shares.
Tesla To Buy Maxwell Technologies
Tesla announced plans to buy Maxwell Technologies on Monday. In an all stock transaction, they will buy the companies 45.9M shares at $4.75 a share. This totals up to almost $218M for the buyout. It is also a 55% increase on the listed price of the stock, which is $3.07.
The buyout is due to Maxwell’s production of ultracapacitors, devices that can store and release rapid surges of energy. Elon Musk, Tesla CEO, said that the technology will be better than batteries for breakthroughs in electric cars. The process could significantly lower the price of production for electric cars.
GM Cuts 4,000 Jobs
In another round of restructuring, vehicle producer GM announced plans to fire 4,000 workers. This move is another in plans to cut the workforce down by 15%. The plan, announced in November, closes 5 North American plants and cuts about 15,000 jobs. They also said that all salaried workers would be given severance packages and job replacement services.
Amazon Grocery Service To Return To India
Amazon grocery service is returning to their India website after revised e-commerce curbs restricted the online giant. After new federal rules caused Amazon to remove hundreds of thousands of products form the site, it was forced to alter its business practices.
Although some of Amazon’s products are still unavailable, select food items are available to purchase. Government permission allowed them to sell products using an affiliate. Amazon didn’t respond to request to comment.
T-Mobile Promises Not To Hike Prices
If the T-Mobile and Sprint merger takes place, T-Mobile promised to not raise prices for three years. The promise, made to the FCC, diminishes fears that the merger would increase prices. They also expect the merger to create more than 12,000 jobs for the workforce. Currently, it is under review from anti trust boards and the FCC must decide if the merger is in the best public interest.