Microsoft to acquire LinkedIn for $26.2bn in cash
Jeff Weiner will remain as CEO of LinkedIn and will report to Microsoft's Satya Nadella
Microsoft has announced it is buying professional social network LinkedIn for $26.2bn in cash.
Today, both companies confirmed the agreement which soon after saw LinkedIn's share price increase by 50%.
In a statement, Microsoft revealed that LinkedIn will "retain its distinct brand, culture and independence", plus Jeff Weiner will remain as CEO of LinkedIn and will report to Microsoft's Satya Nadella.
"The LinkedIn team has grown a fantastic business centred on connecting the world's professionals," Nadella said in a statement. "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."
LinkedIn's Weiner said in a statement to LinkedIn employees: "Given our ability to operate independently, little is expected to change: You'll have the same title, the same manager, and the same role you currently have."The one exception: For those members of the team whose jobs are entirely focused on maintaining LinkedIn's status as a publicly traded company, we'll be helping you find your next play.
"In terms of everything else, it should be business as usual. We have the same mission and vision; we have the same culture and values; and I'm still the CEO of LinkedIn."
The agreement has been unanimously approved by the Boards of Directors from both Microsoft and LinkedIn and is expected to close by the end of this year.