Microsoft has bought LinkedIn for a huge $26.2bn in one of the biggest tech deals in the firm's history. The all-cash purchase values the shares at $196, and is expected to close before the end of the year.
Microsoft CEO Satya Nadella explained that the acquisition will have a huge benefit for the firm.
“The LinkedIn team has grown a fantastic business centred on connecting the world’s professionals,” he said.
“Together we can accelerate the growth of LinkedIn, as well as Microsoft Office 365 and Dynamics, as we seek to empower every person and organisation on the planet.”
LinkedIn CEO Jeff Weiner added that the deal will help LinkedIn grow and become more embedded in people's lives.
“Just as we have changed the way the world connects to opportunity, this relationship with Microsoft, and the combination of its cloud and LinkedIn’s network, now gives us a chance to change the way the world works,” he said.
Weiner will remain CEO of LinkedIn, reporting to Nadella.
The two firms issued a video explaining more about the rationale for the deal.
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