Microsoft buys LinkedIn
"In a shock move, Microsoft has announced that it will purchase business social network LinkedIn in an all-cash deal valued at $26.2 billion.
The acquisition is expected to be completed by the end of the 2016 calendar year. Following the conclusion of the deal, LinkedIn's financial results will be rolled into Microsoft's 'productivity and business processes' segment.
‘The LinkedIn team has grown a fantastic business centred on connecting the world's professionals,’ said Microsoft CEO Satya Nadella. ‘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.’
As part of the deal, current CEO Jeff Weiner will retain his title and position, but will report to Nadella. The deal has been given the green light by co-founder, board chairman and controlling shareholder Reed Hoffman, as well as Weiner.”
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