We didn´t see that coming. Microsoft is buying Linkedin the Professionals social network for $26.2 billion in cash.
The deal values LinkedIn at $196 per share, representing a 49.5% premium over Friday's closing price.
The companies said their respective boards had unanimously approved the deal. LinkedIn CEO Jeff Weiner will keep the title and report to Microsoft CEO Satya Nadella.
“The LinkedIn team has grown a fantastic business centered on connecting the world’s professionals,” Nadella said in a statement. “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 shares (LNKD) soared 48.4% to $194.50 in pre-market trading. Microsoft shares (MSFT) fell 0.35% to $51.30.
“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.”