Huge news at the start of the week. Microsoft to buy Linkedin for $26.2 billion in cash. Jeff Weiner will remain the CEO of Linkedin, reporting to Satya Nadella, CEO of Microsoft.
Microsoft has decided to buy
social-networking site Linkedin in a cash transaction for $26.2 billion
and it is the biggest deal ever so far from Microsoft corporation. The
company announced that it has reached an agreement for the purchase of
LinkedIn. The social network for professionals should be acquired for a
total of US $ 26.2 billion, about $ 196 per share.
Linkedin was founded in the year 2002 and has approximately 400 million users.
Linkedin comes under the list of social network, but its main purpose
is to find professionals and work connections. Users in Linkedin can
create the profile and later they can share their resume in order to
find the job.
According to the sources, LinkedIn will
retain its distinct brand, culture, and independence. Jeff Weiner will
remain CEO of LinkedIn, reporting to Satya Nadella, CEO of Microsoft.
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.
Satya Nadella the CEO Of Microsoft said
“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.”
Jeff Weiner the current CEO Of Linkedin
said “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. For the last 13 years, we’ve been uniquely positioned to
connect professionals to make them more productive and successful, and
I’m looking forward to leading our team through the next chapter of our
story.”
Reid Hoffman who is one
of the co-founder and executive chairman of Linkedin said “Today is a
re-founding moment for LinkedIn. I see an incredible opportunity for our
members and customers and look forward to supporting this new and
combined business,I fully support this transaction and the Board’s
decision to pursue it, and will vote my shares in accordance with their
recommendation on it.”
Last year LinkedIn recorded a tremendous increase in the number of active users, which consists of 105 million active users per month, recording overall 433 million registered users.
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