Microsoft buys LinkedIn : Microsoft has announced that it is acquiring professional networking website LinkedIn.
LinkedIn was Founded in December 14, 2002 Reid Hoffman and launched on May 5, 2003. LinkedIn is headquartered in Mountain View, California, with offices in Omaha, Chicago, Los Angeles, New York, San Francisco, Washington, London, Dublin, Amsterdam, Milan, Munich, Madrid, Stockholm, Singapore, Hong Kong, China, Japan, Australia, Canada, India and Dubai.
In January 2016, the company had around 9,200 employees.
Microsoft has announced that it is acquiring professional networking website LinkedIn, with some 433 million users, for $26.2 billion [£18 billion], or $196 per share, in cash. The $196 per share offer is a big hike on its closing price from Friday, $131.08.
The transaction has already been approved by both boards, but it must still get regulatory and other approvals.
If for some reason the deal does not go through, LinkedIn will have to pay Microsoft a $725 million termination fee, according to Microsoft’s SEC filing detailing the merger.
The takeover is by far the biggest acquisition made by Microsoft, which paid $8.5bn for Skype in 2011 and bought Nokia's mobile phone business for $7.2bn in 2013.
The LinkedIn acquisition also eclipses the $19bn that Facebook paid for WhatsApp in 2014.
LinkedIn was Founded in December 14, 2002 Reid Hoffman and launched on May 5, 2003. LinkedIn is headquartered in Mountain View, California, with offices in Omaha, Chicago, Los Angeles, New York, San Francisco, Washington, London, Dublin, Amsterdam, Milan, Munich, Madrid, Stockholm, Singapore, Hong Kong, China, Japan, Australia, Canada, India and Dubai.
In January 2016, the company had around 9,200 employees.
Microsoft has announced that it is acquiring professional networking website LinkedIn, with some 433 million users, for $26.2 billion [£18 billion], or $196 per share, in cash. The $196 per share offer is a big hike on its closing price from Friday, $131.08.
The transaction has already been approved by both boards, but it must still get regulatory and other approvals.
If for some reason the deal does not go through, LinkedIn will have to pay Microsoft a $725 million termination fee, according to Microsoft’s SEC filing detailing the merger.
The takeover is by far the biggest acquisition made by Microsoft, which paid $8.5bn for Skype in 2011 and bought Nokia's mobile phone business for $7.2bn in 2013.
The LinkedIn acquisition also eclipses the $19bn that Facebook paid for WhatsApp in 2014.
Microsoft said that LinkedIn would retain its "distinct brand, culture and independence". Jeff Weiner will continue as LinkedIn’s CEO. The deal will help Microsoft boost sales of its business and email software.
In a statement Microsoft CEO Satya Nadella said - "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."
In a statement to LinkedIn employees, Weiner said "little is expected to change" and employees will have the same titles and managers.
"The one exception: For those members of the team whose jobs are entirely focused on maintaining LinkedIn's status as a publicly traded company, we'll be helping you find your next play," Weiner said. "In terms of everything else, it should be business as usual. We have the same mission and vision; we have the same culture and values; and I'm still the CEO of LinkedIn."
In a statement Microsoft CEO Satya Nadella said - "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."
In a statement to LinkedIn employees, Weiner said "little is expected to change" and employees will have the same titles and managers.
"The one exception: For those members of the team whose jobs are entirely focused on maintaining LinkedIn's status as a publicly traded company, we'll be helping you find your next play," Weiner said. "In terms of everything else, it should be business as usual. We have the same mission and vision; we have the same culture and values; and I'm still the CEO of LinkedIn."
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