Microsoft Corporation and LinkedIn Corporation has announced this Monday that an agreement has been made under which Microsoft will acquire LinkedIn for $26.2 billion.
LinkedIn will retain its distinct brand, culture and independence. The CEO of LinkedIn will not change, who is currently Jeff Weiner but will be reporting to Microsoft CEO Satya Nadella.
Both Weiner and Reid Hoffman, who is the board chairman and co-founder of LinkedIn fully support this transaction. The transaction is expected to close by the end of this year.
Some notable results include:
- 19 percent growth year over year (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
“The LinkedIn team has grown a fantastic business centered on connecting the world’s professionals,” says Satya Nadella. “Together we can accelerate the growth of LinkedIn, as well as Microsoft Office 365 and Dynamics as we seek to empower every person and organization on the planet.”
“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,” says Jeff Weiner. “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.”
The transaction has been unanimously approved by the boards of directors of both LinkedIn and Microsoft. Upon closing, Microsoft expects LinkedIn’s financials to be reported as a part of the Microsoft Productivity and Business Processes segment.
Microsoft and LinkedIn will host a joint conference call with investors on June 13, 2016, to discuss this transaction. The call will be available via webcast at https://www.microsoft.com/en-us/Investor.
Source: Microsoft News Center