Microsoft announced a deal of $26.2 billion today to acquire professional social platform LinkedIn for $196 per share.
Picture Credit : LinkedIn
Immediately, shares of LinkedIn surged 47 percent after the announcement to near $193, while Microsoft's stock was down 3.2 percent. Trading in Microsoft had been halted briefly for news pending before the announcement of the all-cash deal.
Jeff Weiner will stay on as CEO of LinkedIn and will report to Microsoft CEO Satya Nadella. The deal was unanimously approved by both companies' boards, and is expected to close by the end of the year. The acquisition is still subject to approval by LinkedIn shareholders and regulators.
"The LinkedIn team has grown a fantastic business centered on connecting the world's professionals," Nadella said in a statement. "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."
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