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 world’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, “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.”
Nadella also tweeted of the acquisition, saying:
.@Microsoft & @LinkedIn: world's leading professional cloud + world's leading professional network https://t.co/63V90F77Wj
— Satya Nadella (@satyanadella) June 13, 2016
Microsoft previously acquired Skype in 2011 and Nokia in 2013.