In an
announcement on monday morning,
Microsoft revealed that it had acquired LinkedIn for “$196 per share in
an all-cash transaction valued at $26.2 billion, inclusive of
LinkedIn’s net cash.” The Mountain View-based company is said to be
retaining its brand, culture, and independence, and Jeff Weiner will
maintain his position as CEO.
In a statement, Satya Nadella, CEO of Microsoft, noted, “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.”
As per Microsoft’s announcement, the acquisition was “fully
supported” by both Reid Hoffman (LinkedIn’s co-founder and chairman of
the board) and Weiner both fully support this transaction.
The social network’s continuous growth has led to more than 433
million members worldwide, with over 105 million unique visiting members
each month. And as a key recruiting tool, there are now more than 7
million active job listings on the site. In a letter to employees,
Nadella said LinkedIn would play a role in the development of Office.
“This deal is the next step forward for Office 365 and Dynamics as they
connect to the world’s largest and most valuable professional network,”
he said.
“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 added to Nadella’s statement. “For the last 13
years, we’ve been uniquely positioned to connect professionals to make
them more productive and successful, and I’m looking forward to leading
our team through the next chapter of our story.”
The $26.2 billion deal is expected to fully close by the end of 2016.
“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 Hoffman. “I fully support this
transaction and the Board’s decision to pursue it, and will vote my
shares in accordance with their recommendation on it.”
In his internal memo, Nadella said that there will be no immediate changes to LinkedIn’s organization.
“We know that near term there will be no changes in who reports to
whom so no reporting relationships at Microsoft will change in that
regard,” Nadella said. “This approach is designed to keep the LinkedIn
team focused on driving results while simultaneously partnering on
product integration plans with the Office 365 and Dynamics teams.”
Source: Digital Trends
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