2016-06-14

Microsoft announces surprise deal to buy LinkedIn for £18.4 billion

The technology giant announced in a blog post it is going to acquire the professional network in an all-cash deal
Microsoft announces surprise deal to buy LinkedIn for £18.4 billion

Microsoft has announced a deal to purchase the business-focused social network LinkedIn for £18.4 billion ($26.2 billion).

The announcement was made by Microsoft CEO Satya Nadella who described LinkedIn as a "fantastic business" and an "impressive network".

LinkedIn shares have rocketed nearly 50% to £$131 since the announcement was made earlier this morning.

"This deal brings together the world’s leading professional cloud with the world’s leading professional network," Nadella said in a memo to staff.

"I have been learning about LinkedIn for some time while also reflecting on how networks can truly differentiate cloud services.

Microsoft announces surprise deal to buy LinkedIn for £18.4 billion

Microsoft CEO Satya Nadella

"It’s clear to me that the LinkedIn team has grown a fantastic business and an impressive network of more than 433 million professionals."

Microsoft said that LinkedIn boss Jeff Weiner would stay in charge of the business - sometimes known as the "Facebook for professionals" but he will now report to Nadella.

"Today is a re-founding moment for LinkedIn," Reid Hoffman, chairman of LinkedIn's board, said in a statement.

The professional social network was founded in Mountain View, California in 2002.

Source: Mirror UK

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