Big deal

Microsoft to buy LinkedIn for $26.2 billion

linkedin The logo for LinkedIn Corporation is shown in Mountain View, California, US | Reuters

Microsoft Corp agreed to buy LinkedIn Corp for $26.2 billion in its biggest-ever deal, combining the software giant's fast-growing cloud services business with the world's largest online network for professionals.

The offer of $196 per share represents a premium of 49.5 per cent to LinkedIn's Friday closing price.

LinkedIn's shares were jumped 48 per cent to $194.28 before the opening bell on Monday. Microsoft's shares were down 3.3 per cent.

"Today is a re-founding moment for LinkedIn," Reid Hoffman, chairman of LinkedIn's board, said in a statement.

Jeff Weiner will remain chief executive of LinkedIn, reporting to Microsoft CEO Satya Nadella.

"I have always had a great admiration for LinkedIn," Nadella said in a video on Microsoft's website. "I have been talking with Reid and Jeff for a while ... I have been thinking about this for a long time."

The deal is expected to close in 2016, the companies said in a joint statement.

Microsoft said it would issue new debt to fund the deal.

After the deal, LinkedIn will become part of Microsoft's productivity and business processes unit.

This browser settings will not support to add bookmarks programmatically. Please press Ctrl+D or change settings to bookmark this page.
Topics : #Microsoft | #LinkedIn

Related Reading

    Show more