Microsoft acquires LinkedIn for $26.2 billion
Just hours before Apple has their annual WWDC conference and Microsoft has their own E3 press event, Microsoft announces that they will acquire LinkedIn for $26.2 billion. LinkedIn, as you may recall is the social media platform that is focused towards working and business professionals.
The acquisition is an all-cash transaction, which will value LinkedIn's shares at $196 each. Microsoft is saying that LinkedIn will retain its own brand and independence, and existing CEO Jeff Weiner will remain at LinkedIn and report directly to Microsoft CEO Satya Nadella.
In a statement, Satya Nadella said that "The LinkedIn team has grown a fantastic business centered on connecting the world’s professionals," he later went on to say that "Together we can accelerate the growth of LinkedIn, as well as Microsoft Office 365 and Dynamics as we seek to empower every person and organization on the planet." Microsoft's plan is to close the acquisition later this year, and the deal has been approved unanimously by the boards of directors of both companies.
It is important to note that this is Microsoft's first big acquisition under CEO Satya Nadella ever since he took the role a little over two years ago. It is Microsoft's vision to combine as the "world's leading professional cloud" together with the "world's leading professional network." The acquisition of LinkedIn is a huge deal for Microsoft, as more than 433 million people use the social media platform to network, find jobs, and reconnect with old colleagues. Many of those users, pay to use the premium services for the platform. We will let you know if there are any updates to the announcement.
Via: | The Verge |
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Source: | Microsoft |
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Image Credit: | Microsoft |
