Tech giant Microsoft announced on Monday that they are set to acquire the professional social networking platform LinkedIn for $196 per share in a transaction valued at just over $26.2 billion. The acquisition is expected to be completed within the calendar year.
Jeff Weiner will continue as CEO of LinkedIn, reporting to Satya Nadella, CEO of Microsoft. LinkedIn is the worldâ€™s largest professional network, with more than 433 million people using it to network, find jobs, and connect with peers in the profession.
In a media statement issued by the Microsoft News Center, CEO Satya Nadella was quoted as saying, â€śThe LinkedIn team has grown a fantastic business centered on connecting the worldâ€™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.â€ť
Nadella also tweeted of the acquisition, saying:
.@Microsoft & @LinkedIn: world's leading professional cloud + world's leading professional network https://t.co/63V90F77Wjâ€” Satya Nadella (@satyanadella) June 13, 2016
Microsoft previously acquired Skype in 2011 and Nokia in 2013.