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A phone and a background displaying the Zoom logo. Photo: Nicolas Economou/NurPhoto via Getty Images

Zoom and cloud center software company Five9 called off their mega-merger, after Five9 shareholders rejected what had originally been a $14.7 billion agreement. Regulators had questioned the deal on national security grounds.

Why it matters: Zoom had hoped to use the all-stock deal to accelerate its entry into the contact center software business. It still plans to go after that market, both through partnerships and its own software due out next year.

Between the lines: There had also been concerns over the deal's price tag.

  • "While we were excited about the benefits this transaction would bring to both Zoom and Five9 stakeholders, including the long-term potential for both sets of shareholders, financial discipline is foundational to our strategy,” Zoom CEO Eric S. Yuan said in a statement.

Editor's note: The headline was updated to reflect that the deal was called off by both companies.

Go deeper

Stock deals are hot in pandemic-era merger spree

Illustration: Annelise Capossela/Axios

Those turbocharged stock gains are coming in handy. More frequently, companies are using their shares as the hot currency to snap up other firms.

Why it matters: There’s been an uptick in the number of stock M&A transactions during this year's deal frenzy, helped by soaring valuations. But cash still looms large — and the growth in stock deals may be fleeting amid market volatility.

Trump blasts “wacky” GOP Sen. Cassidy after “Axios on HBO” interview

Former President Trump on Monday blasted Sen. Bill Cassidy (R-La.) after he told "Axios on HBO" that he is not sure Trump could win the 2024 Republican presidential nomination.

Driving the news: When told that Trump could be expected to win the nomination, Cassidy jumped in saying: "I don't know that."

Ben Geman, author of Generate
3 hours ago - Politics & Policy

Biden's carbon emissions-cutting pledge faces tough climb

Image from the Rhodium Group study "Pathways to Paris." Courtesy of the Rhodium Group.

The verdict is in: President Biden's U.S. emissions-cutting pledge isn't a fantasy, but the path to meeting it is very difficult and relies on forces outside of White House control.

Driving the news: The Rhodium Group just released an analysis of policy combinations that could close the gap between the current U.S. trajectory and Biden's vow under the Paris Agreement to cut emissions in half by 2030.