Microsoft announced a $26.2 billion deal on Monday to acquire professional social platform LinkedIn for $196 per share.
While LinkedIn will retain its brand name, culture and independence, CEO Jeff Weiner will report to Satya Nadella, CEO of Mircrosoft.
“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, which has been unanimously approved by the boards of directors of both LinkedIn and Microsoft, is expected to close this calendar year and is subject to approval by LinkedIn’s shareholders.
“Today is a re-founding moment for LinkedIn. I see incredible opportunity for our members and customers and look forward to supporting this new and combined business,” Reid Hoffman, chairman of the board, co-founder and controlling shareholder of LinkedIn, said. “I fully support this transaction and the Board’s decision to pursue it, and will vote my shares in accordance with their recommendation on it.”
LinkedIn currently claims that it has seen 19% growth year-on-year (YOY) to more than 433 million members worldwide and nearly 105 million unique visiting members per month. It boasts of 45 billion quarterly member page views and over 7 million active job listings.
Microsoft announced a $26.2 billion deal on Monday to acquire professional social platform LinkedIn for $196 per share.