Microsoft to buy networking site LinkedIn for $26.2 billion | | Hindustan Times
Today in New Delhi, India
Feb 22, 2017-Wednesday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

Microsoft to buy networking site LinkedIn for $26.2 billion

Updated: Jun 14, 2016 01:29 IST
AFP
AFP
Microsoft

Jeff Weiner (left) will remain CEO of LinkedIn, reporting to Satya Nadella (center), CEO of Microsoft. Reid Hoffman (right), chairman of the board, co-founder of LinkedIn has also backed the purchase.

Microsoft said Monday it signed a deal to acquire the professional social network LinkedIn for $26.2 billion in cash.

“This deal brings together the world’s leading professional cloud with the world’s leading professional network,” Microsoft chief executive Satya Nadella said in a statement.

According to a statement from the two firms, LinkedIn “will retain its distinct brand, culture and independence,” with Jeff Weiner remained at CEO of LinkedIn.

“Just as we have changed the way the world connects to opportunity, this relationship with Microsoft, and the combination of their cloud and LinkedIn’s network, now gives us a chance to also change the way the world works,” Weiner said.

The two firms said they had reached a “definitive” agreement that would close later this year, with the support of LinkedIn chairman and controlling shareholder Reid Hoffman.

The move comes with Microsoft refocusing its efforts away from being a pure software firm, and LinkedIn seeking ways to boost growth.

LinkedIn, which enables members to connect with similar-minded professionals and facilitates job hunting, has some 433 million members worldwide.

Tata Tea’s Anthem of apathy
Partnered feature