Microsoft to acquire LinkedIn in 26.2-billion-dollar deal

Microsoft plans to purchase the business social network LinkedIn in a deal valued at 26.2 billion dollars, both companies confirmed Monday.

Jeff Weiner will remain chief executive of LinkedIn and the deal is expected to close this year, the companies said in a statement.

"The LinkedIn team has grown a fantastic business centred on connecting the world's professionals," said Satya Nadella, Microsoft's chief executive.

"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."

LinkedIn, a social media platform oriented towards business professionals that also acts as a recruiting website, increased its users last year by 19 per cent to more than 433 million worldwide.

LinkedIn's users complement Microsoft's more than 1 billion users and internet-based cloud computing services for businesses.

"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," Weiner said.

Microsoft will pay 196 dollars per share in cash for the company, nearly 50 per cent higher than the Friday's closing price of 131.08 dollars per LinkedIn share.

The transaction has already been approved the boards of directors of both companies, but is still pending support from LinkIn's shareholders and regulatory approval.

Last update: Tue, 28/06/2016 - 17:25

More from Science & Tech

SpaceX's Falcon 9 rocket makes first launch since September explosion

An unmanned SpaceX rocket blasted off from a California launch pad on Saturday and delivered 10 satellites into low...

Apple partner Foxconn suffers sales drop amid slow iPhone 7 shipments

Apple manufacturing partner Foxconn Technology Group reported its first-ever annual sales decline late Tuesday, in...

10 years of the iPhone: The smartphone that changed everything

As the late Apple head Steve Jobs appeared on Macworld conference stage on January 9, 2007, attendees were already...

China launches first commercial rocket mission

A Chinese rocket successfully sent three satellites into space in the country's first commercial mission on Monday...

Weather forces postponement of SpaceX launch from California

Bad weather in California forced a postponement of the launch of a SpaceX rocket that is to carry a satellite into...