Microsoft is buying LinkedIn in $26.2 billion and this is going to be this year’s one of the biggest tech acquisition.
Microsoft chief Satya Nadella said.
“This deal brings together the world’s leading professional cloud with the world’s leading professional network”
LinkedIn will continue functioning as distinct brand, culture and independence with Jeff Weiner as a CEO of LinkedIn, reporting to Satya Nadella, CEO of Microsoft. Reid Hoffman, chairman of the board, co-founder and controlling shareholder of LinkedIn, and Weiner both fully support this transaction. The transaction is expected to close this calendar year, Microsoft posted in their official announcement.
Weiner the CEO of LinkedIn said in a statement “Just as we have changed the way the world connects to opportunity, this relationship with Microsoft, and the combination of their cloud and LinkedIn’s network, now gives us a chance to also change the way the world works,” Weiner said.”
More than 433 million people use LinkedIn worldwide to network, find jobs and reconnect with old colleagues. Many of those LinkedIn users also pay for premium services to use the site. So LinkedIn bringing giant data and a massive number of users reach to Microsoft which will boost the company’s social networking presence.
Read here the official announcement posted by Microsoft