Microsoft to buy LinkedIn for $26.2 billion
Microsoft has announced it will purchase professional social network LinkedIn.
The all-cash deal is valued at $26.2 billion, with each share costing $196.
Subsequent to the announcement, LinkedIn shares sharply increased by 48 per cent, while Microsoft shares went down five per cent.
The deal was unanimously approved by both companies’ board of directors, with LinkedIn expected to fully retain its own brand and independence.
The deal is expected to close this calendar year.
Satya Nadella (pictured above with LinkedIn's Jeff Weiner and Reid Hoffman), CEO of Microsoft, commented: “The LinkedIn team has grown a fantastic business centred on connecting the world’s professionals.
“Together we can accelerate the growth of LinkedIn, as well as Microsoft Office 365 and Dynamics as we seek to empower every person and organisation on the planet.”