Microsoft has announced it will acquire LinkedIn for $26.2 billion in what is the one of the biggest technology company deals. Jeff Weiner will remain CEO of LinkedIn, and will report to Microsoft CEO Satya Nadella. The deal is expected to close this calendar year. Microsoft will acquire LinkedIn for $196 per share.
Microsoft in a blog post said, “The transaction has been unanimously approved by the Boards of Directors of both LinkedIn and Microsoft. The deal is expected to close this calendar year and is subject to approval by LinkedIn’s shareholders, the satisfaction of certain regulatory approvals and other customary closing conditions.”
Microsoft also tweeted out the same saying, “Microsoft to acquire LinkedIn.” Check out the tweet here.
— Microsoft (@Microsoft) June 13, 2016
LinkedIn in the world’s largest and most popular professional social network and has been a strong performer in revenue side as well. Microsoft’s announcement also played up these numbers pointing out that LinkedIn has seen 19 percent growth year over year (YOY) and now has 433 million members worldwide.
Other numbers highlighted in the Microsoft announcement include:
9 percent growth YOY to more than 105 million unique visiting members per month
49 percent growth YOY to 60 percent mobile usage
34 percent growth YOY to more than 45 billion quarterly member page views
101 percent growth YOY to more than 7 million active job listings
Microsoft says LinkedIn will retain its distinct brand, culture and independence.
“The LinkedIn team has grown a fantastic business centered on connecting the world’s professionals,” Satya Nadella said. “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.”
“Just as we have changed the way the world connects to opportunity, this relationship with Microsoft, and the combination of their cloud and LinkedIn’s network, now gives us a chance to also change the way the world works,” Weiner said. He added he is looking forward to leading the team through the next chapter of the story.
The LinkedIn-Microsoft deals is one of the biggest in technology history. In 2015, Dell announced its merger with EMC at $70 billion, making it biggest acquisition in the technology sector. Facebook’s WhatsApp deal was finalised at $22 billion.