REDMOND, Wash.—Microsoft announces it will acquire LinkedIn for $26.2 billion. Officially announced in a press release on the company’s website on June 13, 2016, the technology company explains it has entered into a definitive agreement to acquire the social networking platform for $196 per share. The acquisition is expected to be complete by the end of 2016.
“The LinkedIn team has grown a fantastic business centered on connecting the world’s professionals,” says Satya Nadella, CEO of Microsoft. “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.”
With the acquisition, current LinkedIn CEO Jeff Weiner remains in his position and reports to Satya. Both Weiner and LinkedIn co-founder and controlling shareholder Reid Hoffman note their full support of the transaction in the announcement.
Originally founded in 2002, LinkedIn is a social networking platform primarily used for professional networking and hosting of job listings. The acquisition by Microsoft comes as an interesting turn for LinkedIn who previously acquired multiple businesses on its own. Since 2010, the networking site has acquired more than 12 different businesses and integrated them into the platform. In April 2015, LinkedIn acquired the learning platform Lydna.com, expanding resources available through the site.
To see a full interview with CEOs Weiner and Satya on the acquisition, watch the video above.
To read the official press release, visit: https://news.microsoft.com/2016/06/13/microsoft-to-acquire-linkedin/