Microsoft announced Monday (June 13) that it has entered into an agreement to acquire LinkedIn for $26.2 billion, which breaks down to $196 a share.
Under the terms of the agreement, LinkedIn will remain its own brand, and Jeff Weiner will remain CEO of LinkedIn. He will report to Microsoft CEO Satya Nadella. Both Reid Hoffman, chairman of the board, co-founder and controlling shareholder of LinkedIn, and Weiner supported the decision.
In its release about the acquisition, LinkedIn included some updates about is business growth, which included:
- 19 percent growth YOY to more than 433 million members worldwide
- 9 percent growth YOY to more than 105 million unique visiting members per month
- 49 percent growth YOY to 60 percent mobile usage
- 34 percent growth YOY to more than 45 billion quarterly member page views
- 101 percent growth YOY to more than 7 million active job listings
“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. “For the last 13 years, we’ve been uniquely positioned to connect professionals to make them more productive and successful, and I’m looking forward to leading our team through the next chapter of our story.”
Hoffman commented: “Today is a re-founding moment for LinkedIn. I see incredible opportunity for our members and customers and look forward to supporting this new and combined business. I fully support this transaction and the Board’s decision to pursue it, and will vote my shares in accordance with their recommendation on it.”
This deal is expected to close in 2016 and is subject to approval by LinkedIn’s shareholders. The transaction has been unanimously approved by the Boards of Directors of both LinkedIn and Microsoft.