Microsoft has announced that it is buying LinkedIn for $26.2 billion ($196 per share). Shares of LinkedIn went up 48 percent in premarket trading after the announcement.
Jeff Weiner will remain as CEO and will report to Microsoft’s Satya Nadella. The deal is expected to be complete this year.
The LinkedIn team has grown a fantastic business centered 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 organization on the planet.
Microsoft didn’t specify exactly the reasons behind the acquisition.
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