Microsoft has announced that it will acquire the professional networking site LinkedIn in a $26.2 billion deal. LinkedIn will keep its current CEO, Jeff Weiner, and its distinct brand, culture and independence.
“The LinkedIn team has grown a fantastic business centered on connecting the world’s professionals,” Microsoft CEO Satya Nadella declared. “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.”
Reid Hoffman, chairman of the board and co-founder of LinkedIn, called the move “a re-founding moment for LinkedIn”, adding: “I see incredible opportunity for our members and customers and look forward to supporting this new and combined business”.
The acquisition is expected to be complete this calendar year, with an all-cash transaction seeing Microsoft acquire LinkedIn, which has over 433 million members, for $196 per share.