Microsoft is set to acquire professional social network LinkedIn for $26.2 billion, in an all-cash transaction.
— LinkedIn (@LinkedIn) June 13, 2016
According to Microsoft, LinkedIn will continue to operate as normal with Jeff Weiner serving as its CEO, reporting to Microsoft CEO Satya Nadella. The transaction is expected to close by the end of the year.
“Just as we have changed the way the world connects to opportunity, this relationship with Microsoft,” LinkedIn CEO Jeff Weiner said, “and the combination of their cloud and LinkedIn’s network, now gives us a chance to also change the way the world works.”
The transaction has been approved unanimously by both LinkedIn and Microsoft’s boards.
“Today is a re-founding moment for LinkedIn,” LinkedIn chairman Reed Hoffman said. “I see incredible opportunity for our members and customers and look forward to supporting this new and combined business.”