Microsoft to buy LinkedIn for $26.2 billion
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 transaction, which is expected to be closed out by the end of the year, 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.
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.
INC News, 13/06/2016 - source: ©RTNews
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