By: Cox Media Group National Content Desk
Software giant Microsoft plans to acquire the professional social media network LinkedIn for $26.2 billion.
Microsoft will pay $196 for each share of LinkedIn in the all-cash deal announced Monday. The transaction is expected to close by the end of the year.
“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.” LinkedIn CEO Jeff Weiner said in a release.
With the deal Microsoft plans to expand its social networking and professional content services.
“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,” Satya Nadella, Microsoft’s CEO,said in a release.
The purchase was unanimously approved by both companies boards of directors. It still is subject to approval by LinkedIn’s shareholders and other regulatory groups.
The companies plan a conference call to discuss the transaction with investors at 11:45 a.m