…Acquisition ‘will empower everyone on this planet’ – Microsoft CEO
Lukmon Oloyede
Microsoft is set to add LinkedIn to its professional network.
Satya Nadella, CEO of Microsoft has said that the tech company’s acquisition of LinkedIn Corp, the professional social-networking company for $26 billion is part of plans by the two companies to empower everyone on the planet.
Commenting on the deal, Microsoft’s Nadella says “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.”
Microsoft said Monday that it has reached a deal to buy LinkedIn Corp., the professional social-networking company, for $26.2 billion in cash as it pushes to make its products more connected.
Under the deal Microsoft will pay $196 per LinkedIn share, a 50% premium to LinkedIn’s closing price on Friday.
According to the statement by both companies, Jeff Weiner will remain CEO of LinkedIn, reporting to Microsoft helmsman Nadella. Reid Hoffman, chairman of the board, co-founder and controlling shareholder of LinkedIn, and Weiner both fully support this transaction. The transaction is expected to close this calendar year.
LinkedIn is the world’s largest and most valuable professional network and continues to build a strong and growing business. Over the past year, the company has launched a new version of its mobile app that has led to increased member engagement; enhanced the LinkedIn newsfeed to deliver better business insights; acquired a leading online learning platform called Lynda.com to enter a new market; and rolled out a new version of its Recruiter product to its enterprise customers.
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