Microsoft Acquires LinkedIn For $26.2 Billion
Today, Microsoft has announced that the company was in talks with enterprise social network LinkedIn for approximately $26.2 billion in cash. Shares have halted at the time of writing and the company has published a press release with further details.
In a press release announcing the news, Microsoft said that LinkedIn CEO Jeff Weiner will remain in power there, and will report directly to Microsoft CEO Satya Nadella as a member of his senior staff. In addition, LinkedIn will retain its brand, culture and independence as part of the deal. The deal is fully backed by chairman, controlling shareholder and co-founder of LinkedIn, Reid Hoffman.
Boards of Directors of both LinkedIn and Microsoft have unanimously approved the transaction and the deal is expected to close by the end of 2016 and is subject to approval by LinkedIn's shareholders, the satisfaction of certain regulatory approvals and other customary closing conditions.