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Microsoft announced last Monday (13/06/2016), that it would acquire the popular professional networking site LinkedIn for $196 per share in an all-cash transaction valued at $26.2 billion.

LinkedIn will remain its own “distinct brand, culture, and independence” according to a press release and Jeff Weiner will remain the as the CEO.

Satya Nadella, Microsoft CEO, mentioned that “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.”

While the LinkedIn CEO, Jeff Weiner 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.”

LinkedIn was founded in 2002 by Reid Hoffman has over 400 million users and over 7 million active job listings and makes money through premium subscriptions that enable connections between professionals.

 

Culled from Time