Software giant Microsoft is venturing into the social media space by acquiring LinkedIn for $196 per share. The shares of the professional social platform have spiked higher by 48 per cent to trade around 194.40 as of writing.
The acquisition is yet another channel through which Microsoft is aiming to expand its lead in business software solutions.
The current Chief Executive Officer (CEO) of the company Jeff Weiner will remain in his position and will be reporting directly to the CEO of Microsoft Satya Nadella. The companies are expecting to seal the deal by the end of 2016.
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Commenting on the announcement, the CEO of Microsoft said: ”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.”
A statement by LinkedIn’s CEO Jeff Weiner on the company’s website elaborated: “We are joining forces with Microsoft to realize a common mission to empower people and organizations. LinkedIn’s vision – to create economic opportunity for every member of the global workforce – is not changing and our members still come first.”
“Our companies are the world’s leading professional cloud and network. This deal will allow us to keep growing, investing in and innovating on LinkedIn to drive value for our members and our customers. LinkedIn will retain its distinct brand, culture and independence.”