Huge news in the tech and social networking world as Microsoft has announced it will acquire LinkedIn for $26.2 billion USD.
“The LinkedIn team has grown a fantastic business centered on connecting the world’s professionals,” Satya Nadella, CEO of Microsoft, said in a release. “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 will pay $196 USD per share, representing a nearly 50% increase from LinkedIn’s closing price on Friday.
If the deal is approved, LinkedIn will remain its own entity under Microsoft with Jeff Weiner staying as CEO and reporting to Nadella.
“Just as we have changed the way the world connects to opportunity, this relationship with Microsoft, and the combination of their cloud and LinkedIn’s network, now gives us a chance to also change the way the world works,” Weiner said. “For the last 13 years, we’ve been uniquely positioned to connect professionals to make them more productive and successful, and I’m looking forward to leading our team through the next chapter of our story.”