Purchase of the professional networking site is expected to close this calendar year.
(TNS) — Microsoft Corp. said Monday it will acquire professional networking site LinkedIn Corp. in a transaction valued at $26.2 billion.
In a joint statement, the companies said LinkedIn would retain its “distinct brand, culture and independence” after the acquisition and that current LinkedIn Chief Executive Jeff Weiner will remain at the helm and report to Microsoft Chief Executive Satya Nadella.
The deal is expected to close this calendar year.
Reid Hoffman, LinkedIn’s chairman and co-founder, called the deal a “re-founding moment” for the Mountain View, Calif. company.
“I see incredible opportunity for our members and customers and look forward to supporting this new and combined business,” he said in a statement.
Redmond, Wash.-based Microsoft will pay $196 per share of LinkedIn in the all-cash transaction, a 50 percent premium on LinkedIn’s closing stock price of $131.08 on Friday.
The deal has been unanimously approved by both companies’ boards of directors and is subject to approval by LinkedIn’s shareholders and other regulatory approvals.
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