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| Microsoft to buy LinkedIn for $26.2 billion | Microsoft to buy LinkedIn for $26.2 billion |
| (35 minutes later) | |
| Microsoft has purchased the social networking service LinkedIn for $26.2 billion, equating to $196 per share. The network’s co-founder has described the deal as a “re-founding moment” for the service. | Microsoft has purchased the social networking service LinkedIn for $26.2 billion, equating to $196 per share. The network’s co-founder has described the deal as a “re-founding moment” for the service. |
| The two companies have entered what they call a “definitive agreement” that will see Jeff Weiner staying on as CEO of LinkedIn but will now be answerable to Microsoft boss Satya Nadella. | The two companies have entered what they call a “definitive agreement” that will see Jeff Weiner staying on as CEO of LinkedIn but will now be answerable to Microsoft boss Satya Nadella. |
| The deal, which is the biggest for Nadella while leading Microsoft, sees the company paying a 49.5 percent premium on LinkedIn's closing price on Friday, according to Bloomberg. | |
| The transaction is expected to be closed out by the end of the year and was unanimously approved by the boards of directors of both LinkedIn and Microsoft. | |
| It is also subject to approval by LinkedIn’s shareholders and will need certain regulatory approvals. | It is also subject to approval by LinkedIn’s shareholders and will need certain regulatory approvals. |
| According to a statement from Microsoft, the corporation will finance the transaction “primarily through the issuance of new indebtedness.” | |
| Once the deal has been fully closed, Microsoft says it expects LinkedIn’s financials to be reported as part of Microsoft’s Productivity and Business Processes segment. | |
| “Today is a re-founding moment for LinkedIn. I see incredible opportunity for our members and customers and look forward to supporting this new and combined business,” said Reid Hoffman, chairman, co-founder and controlling shareholder of LinkedIn. | |
| “The LinkedIn team has grown a fantastic business centered on connecting the world’s professionals,” 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 organization on the planet.” |