Microsoft Buys LinkedIn for $26 Billion

Microsoft is acquiring career-focused social networking site LinkedIn in an all-cash deal for $26.2 billion, the company announced today. That comes out to $196 million per share.

"LinkedIn will retain its distinct brand, culture and independence," Microsoft said in a news release. " LinkedIn CEO will remain CEO, reporting to Microsoft CEO Satya Nadella.

The deal is expected to be complete by the end of calendar year 2016.

"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. "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."

LinkedIn co-founder and controlling shareholder Reid Hoffman said this is a "re-founding moment" for the company.

"I see incredible opportunity for our members and customers and look forward to supporting this new and combined business," Hoffman said. "I fully support this transaction and the Board's decision to pursue it, and will vote my shares in accordance with their recommendation on it."