LinkedIn, the social network for professionals is being acquired by the Tech giant Microsoft. LinkedIn which has some 433 million users will be bought for $26.2 billion, or $196 per share, in cash. LinkedIn will have to pay a $725 million termination fee if the deal is cancelled for any given reasons.
LinkedIn’s CEO Jeff Weiner will report to Satya Nadella as it will become a part of Microsoft’s productivity and business processes segment. Microsoft which was earlier focused on software will now have a better reach in terms of social networking services. “Together we can accelerate the growth of LinkedIn as well as Microsoft Office 365″, said Nadella.
He addressed his employees in an email regarding the acquisition of LinkedIn,”I’m excited to share that today Microsoft announced a deal to acquire LinkedIn. You can see how Jeff Weiner, the CEO of LinkedIn, and I envision the opportunity ahead in this public presentation….. if you’re not on LinkedIn, join up now and start using and learning more.”