A massive news today in the tech and social media world.
Microsoft announced on Monday that it would acquire the professional social network LinkedIn for $196 per share. The all-cash deal is valued at $26.2 billion.
Jeff Weiner will remain the CEO of LinkedIn and will report directly to Microsoft CEO Satya Nadella. The deal was agreed upon by both companies’ board of directors and is expected to be completed by the end of this year.
LinkedIn’s stock rallied 48% on the news in premarket trade.
Under the terms of the deal, LinkedIn will maintain its “distinct brand, culture, and independence.”
You can read more about the acquisition here on Microsoft’s website.