Microsoft to acquire LinkedIn for $26.2 billion
Microsoft has entered a definitive agreement to acquire LinkedIn. The acquisition is expected to close at $196 per share in an all-cash transaction valued at $26.2 billion, inclusive of LinkedIn’s net cash.
As part of the deal, Microsoft emphasizes that Linkedin will continue to maintain its brand and independence and Jeff Weiner will continue as CEO but he will be joining the senior leadership team at Microsoft and he will be reporting to Satya Nadella. The acquisition also has the approval of Reid Hoffman, chairman of the board, co-founder and controlling shareholder of LinkedIn.
Commenting on the new development, Satya Nadella, CEO of Microsoft, said; “The LinkedIn team has grown a fantastic business centered on connecting the world’s professionals. 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.”
CEO of Linkedin, Jeff Weiner said; “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. 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.”
Linkedin chairman, Reid Hoffman said; “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,” said Hoffman. “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.”
Microsoft will fund the acquisition primarily through the issuance of new indebtedness and it is subject to approval by Linkedin shareholders and satisfaction of certain regulatory approvals as well as other customary closing conditions. The transaction is expected to close by the end of this calendar year.
Via: Microsoft News