On Monday, Microsoft announced that it had bought LinkedIn, a social networking site revolving around business, in a cash deal worth $26.2 billion.
Both companies put out a statement saying that Microsoft would be paying $196 per share to complete the acquisition. LinkedIn has more than 400 million members from around the world and works with the aim of allowing job recruiters access to user information. This helps speed up the process of hiring and extends corporate networking.
Satya Nadella, CEO of Microsoft, said in his statement that LinkedIn is a “fantastic business” looking to connect 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.”
The statement also mentioned that Reid Hoffman, one of LinkedIn’s founders as well as the controlling shareholder, gave his thumbs up for the deal to go ahead. This was also backed up by Jeff Weiner, CEO of LinkedIn who will continue to function in his post. The companies mentioned that LinkedIn will continue to operate as independent brand.
