Microsoft Corp said in a blog post it agreed to buy LinkedIn Corp for $26.2 billion in cash.
The offer of $196 per share represents a premium of 49.5 percent to LinkedIn‘s Friday closing price.
The offer of $196 per share represents a premium of 49.5 percent to LinkedIn’s Friday closing price.
“Today is a re-founding moment for LinkedIn,” Reid Hoffman, chairman of LinkedIn’s board, said in a statement.
Jeff Weiner, will remain chief executive of LinkedIn, reporting to Microsoft CEO Satya Nadella.
The deal is expected to close in 2016.
More details about the Microsoft’s new acquisition will be brought to you later in the day.