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Biggest conglomerates Microsoft and LinkedIn as per latest reports have signed a collaboration as per which the Redmond giant will buy the social network exclusively for professionals on a complete cash basis who price has been estimated nearly for $26.2 billion, a figure that includes LinkedIn's net cash. The transaction would get closed with the current year ending, and apart from regulatory approvals, will also be requiring consent from LinkedIn's official shareholders.
Making the announcement in a joint statement on Monday, the companies said LinkedIn will continue with its own "brand, culture, and independence", and that LinkedIn CEO Jeff Weiner will continue in his role, but will now report to Microsoft CEO Satya Nadella.
Commenting on the acquisition, Nadella said, "The LinkedIn team has grown a fantastic business centered on connecting the world's professionals. 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."
Weiner also commented on the deal, and said, "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. 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."
In the press statement, LinkedIn boasted that it was the world's "largest and most valuable professional network", with over 433 million members globally, and having a support of nearly 105 million unique visiting members on a monthly basis. One must note that apart from providing a platform for professionals to connect and communicate with each other, the company as a whole also offers its users the possibility of searching for a job as well as helping them in the process of recruitment. Another notable feat acquired by the company was the acquiring of Lynda.com, which is known as one of the best online learning platforms.
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