Microsoft has announced that it’s going to acquire professional social platform, LinkedIn.
The all cash deal is worth $26.2 billion, breaking down to $196 per share.
After the announcement was made, LinkedIn shares spiked 48%.
The deal is expected to close by the end of the calendar year, and Jeff Weiner will remain as LinkedIn’s CEO, reporting to Satya Nadella, Microsoft’s CEO.
Nadella believes the move is beneficial for both companies, “The LinkedIn team has grown a fantastic business centered on connecting the world’s professionals. 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.”