Tech giant Microsoft is set to acquire LinkedIn for US$196 per share in an all-cash transaction valued at $26.2 billion.

The computer technology corporation stated that LinkedIn would continue its operation with Jeff Weiner as CEO, now reporting to Satya Nadella, CEO of Microsoft, while maintaining its brand, culture and independence.

The transaction, which is also supported by Reid Hoffman, chairman of the board, cofounder and controlling shareholder of LinkedIn, is expected to close this calendar year.

“The LinkedIn team has grown a fantastic business centered 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.”

LinkedIn has continued to innovate over the past year, launching a mobile app, acquiring online learning platform lynda.com, enhancing the LinkedIn newsfeed to deliver business insights and releasing a new version of its Recruiter product for enterprise customers. 

With more than 433 million LinkedIn members worldwide, Jeff Weiner is positive about the turn of events, “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.”

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