Tech giant Microsoft agrees to buy LinkedIn for $26.2bn

The US software firm to acquire professional social networking site, which has some 433 million members worldwide.

    LinkedIn has some 433 million members worldwide [Reuters]
    LinkedIn has some 433 million members worldwide [Reuters]

    Microsoft says it has signed a deal to buy the professional social networking site LinkedIn for $26.2bn.

    LinkedIn's shares surged 48 percent to $194.28 on Monday, in a deal that the chairman of LinkedIn's board, Reid Hoffman, defined as a "re-founding moment".

    According to a statement from the two companies, LinkedIn "will retain its distinct brand, culture and independence".

    LinkedIn CEO Jeff Weiner will remain CEO of the social networking site but will report directly to Microsoft CEO Satya Nadella.


    Timeline: Biggest social media acquisitions


    "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 in a statement.

    Microsoft said it would pay $196 per share for the company and would issue new debt to fund the deal.

    The deal, Microsoft's biggest ever, is expected to be completed later this year.

    The move comes as the Seattle-based company refocuses its efforts from being a pure software firm, and LinkedIn seeks ways to boost growth.

    LinkedIn, which enables members to connect with similar-minded professionals and facilitates job hunting, has some 433 million members worldwide.

     

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Why Saudi-Israeli normalisation could be dangerous

    Why Saudi-Israeli normalisation could be dangerous

    Apart from being disastrous for Palestine, normalising relations with Israel could get Saudi Arabia in real trouble.

    Gender violence in India: 'Daughters are not a burden'

    Gender violence in India: 'Daughters are not a burden'

    With female foeticide still widespread, one woman tells her story of being mutilated for giving birth to her daughters.

    What is Mohammed bin Salman's next move?

    What is Mohammed bin Salman's next move?

    There are reports Saudi Arabia is demanding money from the senior officials it recently arrested.