New Delhi: Microsoft, the software giant, has finally agreed to acquire LinkedIn in an all-cash deal valued at $26.2 billion (Rs 1.75 lakh crore approx.)
Microsoft in its blog post shared that it will pay $196 per LinkedIn share and will finance the deal by issuing new debt.
Following the deal, LinkedIn will retain its brand and independence with Jeff Weiner to remain the CEO of LinkedIn, reporting to Satya Nadella, CEO of Microsoft.
This deal is expected to close this calendar year. Also, Reid Hoffman, chairman of the board, co-founder and controlling shareholder of LinkedIn, and Weiner both fully support this transaction.
“The LinkedIn team has grown a fantastic business centered on connecting the world’s professionals,” Nadella said in the blog post. “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,” he added.
This will be Microsoft CEO Satya Nadella's first big achievement since he took over the position two years ago.
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Microsoft has also planned to hold a conference call tomorrow to discuss its LinkedIn acquisition.
LinkedIn is one of the world’s largest and most valuable professional networks. It has been continuing to build strong and growing business throughout the last 13 years. The company has launched a new version of its mobile app recently that has led to increased member engagement. Also more than 433 million people use LinkedIn worldwide to network, find jobs, and reconnect with old colleagues. Many of the LinkedIn users also pay for premium services to use the site.
