Microsoft to buy networking site LinkedIn
Published 13/06/2016 | 14:06
Microsoft is buying professional networking service site LinkedIn for about 26.2 billion US dollars (£18.5bn).
LinkedIn, based in Mountain View, California, has more than 430 million members.
Users can network with professionals, upload their resumes and search for jobs on the site.
Microsoft says it is paying 196 US dollars (£138) for each share of LinkedIn, a 50% premium of the stock's closing price of 131.08 US dollars (£92) on Friday.
LinkedIn shares soared 49% before the stock market opened on Monday.
The deal is expected to close this year.
LinkedIn will keep its name and independence and Jeff Weiner will stay on as CEO of LinkedIn, reporting to Microsoft CEO Satya Nadella.
For Microsoft, the deal means access to LinkedIn's hundreds of millions of users, and an opportunity to cement itself as the tech company for the world's professionals - helping them find jobs, learn new skills and do their work.
"Together we can accelerate the growth of LinkedIn, as well as Microsoft Office 365 and Dynamics as we seek to empower every person and organisation on the planet," Microsoft said in a statement.