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Microsoft plans to acquire LinkedIn for $US26.2 billion
Anna Patty, Workplace Editor
Published: June 14, 2016 - 5:27AM
Microsoft plans to acquire LinkedIn for $US26.2 billion ($35 billion), inclusive of LinkedIn's net cash.
A statement from both companies said the transaction has been approved by the boards of directors of both LinkedIn and Microsoft. Microsoft has agreed to acquire LinkedIn for $196 per share in cash.
The deal is expected to close this calendar year, but is subject to approval by LinkedIn's shareholders, regulatory approvals and other conditions.
LinkedIn said it will retain its distinct brand and Jeff Weiner will remain its chief executive officer, reporting to Microsoft chief Satya Nadella.
In a statement issued by the companies, Reid Hoffman, chairman of the board, co-founder and controlling shareholder of LinkedIn, and Weiner said they both supported the transaction which is expected to be finalised this year.
The statement said LinkedIn is the world's largest professional network and has recently launched a new version of its mobile app that has led to increased member engagement among other innovations.
Mr Nadella said the LinkedIn team has "grown a fantastic business centred 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 organisation on the planet."
Mr Weiner said the relationship with Microsoft provided a chance "to 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.
Mr Hoffman said he fully supports the deal "and will vote my shares in accordance with their recommendation on it".
This story was found at: Microsoft plans to acquire LinkedIn for $US26.2 billion
Anna Patty, Workplace Editor
Published: June 14, 2016 - 5:27AM
Microsoft plans to acquire LinkedIn for $US26.2 billion ($35 billion), inclusive of LinkedIn's net cash.
A statement from both companies said the transaction has been approved by the boards of directors of both LinkedIn and Microsoft. Microsoft has agreed to acquire LinkedIn for $196 per share in cash.
The deal is expected to close this calendar year, but is subject to approval by LinkedIn's shareholders, regulatory approvals and other conditions.
LinkedIn said it will retain its distinct brand and Jeff Weiner will remain its chief executive officer, reporting to Microsoft chief Satya Nadella.
In a statement issued by the companies, Reid Hoffman, chairman of the board, co-founder and controlling shareholder of LinkedIn, and Weiner said they both supported the transaction which is expected to be finalised this year.
The statement said LinkedIn is the world's largest professional network and has recently launched a new version of its mobile app that has led to increased member engagement among other innovations.
Mr Nadella said the LinkedIn team has "grown a fantastic business centred 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 organisation on the planet."
Mr Weiner said the relationship with Microsoft provided a chance "to 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.
Mr Hoffman said he fully supports the deal "and will vote my shares in accordance with their recommendation on it".
This story was found at: Microsoft plans to acquire LinkedIn for $US26.2 billion
