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Microsoft to buy LinkedIn for $26bn Microsoft to buy LinkedIn for $26bn
(35 minutes later)
Microsoft is buying the professional networking website LinkedIn for just over $26bn (£18bn). Microsoft is buying the professional networking website LinkedIn for just over $26bn (£18bn) in cash.
The software giant said that LinkedIn would retain its "distinct brand, culture and independence". The software giant will pay $196 a share - a premium of almost 50%.
Jeff Weiner will remain as chief executive, reporting to Microsoft boss Satya Nadella. Shares in LinkedIn, which floated in May 2011, have fallen by more than 40% this year.
Mr Weiner and Mr Reid Hoffman - chairman, co-founder and controlling shareholder of LinkedIn - both back the deal. The stock plunged by a quarter in February after the company issued a profit warning for the first quarter and reported an annual loss of $8m.
It is by far the biggest acquisition made by the software giant, which has made eight takeovers worth more than $1bn. LinkedIn shares soared to $194.25 in pre-market trading in New York after the deal was announced.
Microsoft bought Skype in 2011 and Nokia in 2013. Microsoft said that LinkedIn would retain its "distinct brand, culture and independence", with Jeff Weiner remaining as chief executive, reporting to Microsoft boss Satya Nadella.
Mr Weiner and Reid Hoffman - the chairman, co-founder and controlling shareholder of LinkedIn - both backed the deal.
"Today is a re-founding moment for LinkedIn," said Mr Hoffman.
Mr Nadella said: "The LinkedIn team has grown a fantastic business centred on connecting the world's professionals. Together we can accelerate the growth of LinkedIn, as well as Microsoft Office 365 and Dynamics."
It is by far the biggest acquisition made by Microsoft, which has completed eight takeovers worth more than $1bn.
It paid $8.5bn for Skype in 2011 and bought Nokia's mobile phone business for $7.2bn in 2013.
The LinkedIn acquisition also eclipses the $19bn that Facebook paid for WhatsApp in 2014.