Microsoft has just announced that it is buying social network LinkedIn for $26.2 billion. The transaction is expected to close in 2016.
The company hasn't revealed exactly what it plans to do with LinkedIn or how it wants to integrate it into its services, but in a press release published today, Microsoft CEO Satya Nadella assured that the social network will maintain its "distinct brand name, culture, and independence.".
Additionally, Jeff Weiner, who is now the CEO of LinkedIn, will continue to lead the company, but from now on he will report directly to Microsoft CEO Satya Nadella.
“The LinkedIn team has built a fantastic business focused on connecting the world’s professionals,” said 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.”
Microsoft revealed that its board of directors unanimously approved the acquisition of LinkedIn, the social networking service that currently has about 440 million users worldwide. Satya Nadella clearly has their sights set on integrating them into Office 365 and other enterprise solutions for connecting users in the workplace, and this is his first major acquisition since taking over at Microsoft.
“Just as we have changed the way the world connects, this relationship with Microsoft, and the combination of the cloud with the LinkedIn network, now gives us the opportunity to change the way the world works,” Weiner said in today’s press release.
“For the past 13 years, we have been uniquely positioned to connect professionals to become more productive and successful, and I look forward to leading our team into the next chapter of our story.”
