Zee Media Bureau/Rd. Alexander
New Delhi: Microsoft Corporation on Monday announced it would acquire professional social networking site LinkedIn at $196 per share in an all-cash transaction valued at $26.2 billion.
As per Microsoft News Centre, the deal would be inclusive of LinkedIn’s net cash.
— Microsoft (@Microsoft) June 13, 2016
LinkedIn will, however, retain its distinct brand, culture and independence while Jeff Weiner will remain CEO of LinkedIn, reporting to Satya Nadella, CEO of Microsoft, the News Centre reported.
Reid Hoffman, chairman of the board, co-founder and controlling shareholder of LinkedIn, and Weiner both fully support this transaction, the News Centre stated adding that the transaction is expected to close this calendar year.
“The LinkedIn team has grown a fantastic business centered on connecting the world’s professionals,” The Microsoft News Centre quoeted Nadella as saying. “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.”
“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.”
The transaction has been unanimously approved by the Boards of Directors of both LinkedIn and Microsoft, the Microsoft News Centre reported.
The deal is expected to close this calendar year and is subject to approval by LinkedIn’s shareholders, the satisfaction of certain regulatory approvals and other customary closing conditions, it added.