Mi­crosoft un­veils plan to buy LinkedIn for $26.2b

Pakistan Observer - - ECONOMY WATCH -

WASH­ING­TON—Mi­crosoft said Monday it signed a deal to ac­quire the pro­fes­sional so­cial net­work LinkedIn for $26.2 bil­lion in cash. “This deal brings to­gether the world’s lead­ing pro­fes­sional cloud with the world’s lead­ing pro­fes­sional net­work,” Mi­crosoft chief ex­ec­u­tive Satya Nadella said in a state­ment. Ac­cord­ing to a state­ment from the two firms, LinkedIn “will re­tain its dis­tinct brand, cul­ture and independence,” with Jeff Weiner re­mained at CEO of LinkedIn.

“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. The two firms said they had reached a “de­fin­i­tive” agree­ment that would close later this year, with the sup­port of LinkedIn chair­man and con­trol­ling share­holder Reid Hoff­man. The move comes with Mi­crosoft re­fo­cus­ing its ef­forts away from be­ing a pure soft­ware firm, and LinkedIn seek­ing ways to boost growth. LinkedIn, which en­ables mem­bers to con­nect with sim­i­lar-minded pro­fes­sion­als and fa­cil­i­tates job hunt­ing, has some 433 mil­lion mem­bers world­wide.—APP

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