Microsoft has just announced that it’s going to acquire professional social network LinkedIn for $26.2 billion. The software giant is buying LinkedIn in an all cash transaction at $196 per share. No major structural changes will be implemented immediately. LinkedIn CEO Jeff Weiner will retain his position and report directly to Microsoft CEO Satya Nadella. LinkedIn will also retain its own brand and independence.
Microsoft has only just announced the deal which is yet to be approved by the board of directors of both companies. Microsoft is looking to close the LinkedIn acquisition later this year.
This happens to be the first big purchase that Microsoft has made under the leadership of Satya Nadella who took over the top spot from Steve Ballmer over two years ago. Microsoft sees this acquisition as bringing together the “world’s leading professional cloud” with the “world’s leading professional network.”
Microsoft hasn’t detailed what it plans to do with its latest acquisition, but it’s evident that the company is looking to improve its presence in social networking. LinkedIn is used by over 400 million people across the globe for networking, finding jobs, and connecting with old colleagues. There’s a ton of data that Microsoft will get access to as part of this acquisition and it will surely have plans to get the most out of its $26.2 billion purchase.