Microsoft is buying LinkedIn for $26.2 billion, the company announced on Monday.
Microsoft will pay $196 per share for the company.
LinkedIn CEO Jeff Weiner will remain CEO of the professional social network, and will report directly to Microsoft CEO Satya Nadella.
Under the terms of the acquisition, LinkedIn will maintain its "distinct brand, culture, and independence" — similar to how Facebook handled its acquisition of WhatsApp — and Microsoft says LinkedIn cofounder and chairman of the board Reid Hoffman and Weiner "both fully support" the purchase, with both boards signing off.
The deal is expected to be completed this calendar year.
LinkedIn shares jumped more than 47% following the news when the markets opened. Microsoft shares, which were halted in pre-market trading pending the news, have since re-opened and fallen about 4%.
Nadella announced the news to Microsoft employees in an email Monday morning, which you can read here. LinkedIn CEO Jeff Weiner also sent an email to staff, which you can read here.
More
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
3 comments:
While the shares may have jump, this will insure that LinkedIn will no longer be worth the hefty pricing for people to join the social network designed to promote business networking. Instead of enhancing it's credibility, this will no doubt cheapen and diminish it. Microsoft shouldn't be allowed to hold monopolies or buy more entities. They don't do a good job with the ones they already own.
I'll be pulling my name off LinkedIn. The less exposure to Microsoft, the better.
This kind of crap is exactly why we have half a dozen global corporations controlling 99% of what we read, hear and watch. The control that is being amassed should be alarming to anyone.
Post a Comment