Microsoft has confirmed a massive deal which will result in the Redmond firm buying LinkedIn in a move to secure its professional services.
If you could imagine any tech conglomerate reaching out and buying LinkedIn, would any other candidate than Microsoft come to mind? The Redmond firm confirmed a massive $26.2 billion deal today, which will see it acquire the social platform for $196 USD per share.
Following the announcement, LinkedIn shares surged by 47%, while Microsoft’s stock dipped by 3.2%.
Read: Infographic: LinkedIn Facts & Figures
Jeff Weiner will stay on as LinkedIn’s CEO, and will report directly to Microsoft’s executive head, Satya Nadella.
The deal, which was unanimously approved by the boards of both companies, is expected to close by the end of the year.
In a press statement, Nadella offered that “The LinkedIn team has grown a fantastic business centered 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 organization on the planet.”
Our CEO @jeffweiner‘s reflections on today‘s announcement that LinkedIn will be joining forces with Microsoft. https://t.co/TV43SkvXK5
“” LinkedIn (@LinkedIn) June 13, 2016
Weiner quipped that “little is expected to change” for employees of the company, but stated that there was: “…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… We have the same mission and vision; we have the same culture and values; and I’m still the CEO of LinkedIn.”
We can’t help but wonder if those poor souls will make use of the company’s Job search app.
The move follows expectation that Microsoft would purchase Salesforce.com. It is widely expected that Microsoft will use the platform to increase its social visibility and integrate its professional services such as Office 365.
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What are your thoughts on Microsoft buying LinkedIn? Be sure to let us know in the comments below!
Follow Bryan Smith on Twitter: @bryansmithSA
