Satya Nadella-led Microsoft has agreed to buy world’s largest social network for professionals for $26.2 billion.
The two said that this will be an all-cash transaction.
Microsoft, in a statement, said, “Jeff Weiner will remain CEO of LinkedIn, reporting to Satya Nadella, CEO of Microsoft.”
LinkedIn itself has been on an organic growth spree with its buyout of Lynda.com last year. It also rolled out a new version of its Recruiter product to its enterprise customers.
Nadella 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 organization on the planet,” he added.
The transaction has been unanimously approved by the Boards of Directors of both LinkedIn and Microsoft. The deal is expected to close this calendar year and is subject to approval by LinkedIn’s shareholders, the satisfaction of certain regulatory approvals and other customary closing conditions.
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