In the all-stock deal, Five9 investors will get 0.5533 of a Zoom share for each of their holdings, implying a price of $200.28 each.
While Jim Cramer has continuously urged Zoom to make an acquisition, he told Action Alerts PLUS senior analyst Jeff Marks that he's not sure Five9 was the right choice, as Zoom already had a preexisting relationship with the company.
"They had a loose partnership with Five9. Why did they need to own them," Cramer asked.
Dominating Cramer's attention, however, was the fine print of the deal and the decision to pursue an all-stock agreement.
"They have so much cash. Their stock is down big. Are they signaling 'Our stock is still too expensive?" Cramer asked.
As of intraday trading Monday, Zoom stock traded 3.80% lower to $348.22 amid the broader market selloff.
Recap TheStreet Live: Everything Jim Cramer Is Watching 7/19/21