Microsoft has inked a deal to acquire social network LinkedIn for $26.2B.
Redmond, Wash.-based Microsoft said it will keep Mountain View, Calif.-based LinkedIn's "distinct brand, culture and independence."
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The $196-per-share, all-cash for LinkedIn is a mammoth deal for the tech sector. It is subject to LinkedIn shareholder approval, as well as regulatory okays.
Microsoft CEO Satya Nadella said the two companies together can speed up growth for LinkedIn and Microsoft's Office 365 and Dynamics. LinkedIn founder Reid Hoffman, pledging his shares for a yes vote, said he fully supports the deal and the company board's decision to pursue it.
LinkedIn, which caters to professionals and started as a resume listing site, has branched out into content, job listings and similar services. The company went public in 2011 with a $4.5B valuation. For 2015, LinkedIn posted revenues of just uder $3B and a net loss of $166M.
WE is handling PR for the deal for Microsoft.
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