Microsoft buys LinkedIn for $26.2 billion

Microsoft is purchasing professional social network LinkedIn in a deal reported to be worth $26.2 billion.

In a blog post, Microsoft revealed that it will acquire LinkedIn for $196 per share in an all-cash transaction. Jeff Weiner will continue as LinkedIn CEO, but will report to CEO of Microsoft, Satya Nadella, while LinkedIn will “retain its distinct brand, culture and independence.”

“The LinkedIn team has grown a fantastic business centered on connecting the world’s professionals,” 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.”

The deal is expected to close this calendar year.