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LinkedIn Up For Sale
Microsoft is buying LinkedIn for 26.2$B in cash, valued 196$ per share. The arrangement has been approved by the boards of directors of both companies. If somehow the deal is cancelled, LinkedIn will have to pay a 725$ million fine to Microsoft. It expected to close by the end of the year. Right after regulators in the EU, United States, Canada and Brazil give permission, LinkedIn will officially become a part of Microsoft’s productivity and business processes unit.
LinkedIn will keep its CEO Jeff Weiner who will report to Satya Nadella the current chief executive officer (CEO) of Microsoft and maintain its independence as a brand. LinkedIn is a business-oriented networking tool for professionals, job seekers, and others to find connections. It has more than 433 million users.
“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.”
This arrangement is expected to be beneficial for both Microsoft and LinkedIn. It is a great opportunity for Microsoft to increase the number of their customers in Office suite of business software.
“The professionals of the world can benefit in terms of getting their work done. The Venn diagram is pretty big,” said Satya Nadella. In this case, the Venn diagram is the overlap of the customers of both of the companies.
“The future of productivity is around people, identity and data and the relationships between the them. Microsoft is buying LinkedIn for the opportunity to leverage these capabilities and combine them with Microsoft’s strong but complementary assets in those three areas.” Matt McIlwain a portfolio manager at Madrona Ventures said. The chairman of LinkedIn’s board Reid Hoffman, said that the deal has his full support.
“I have always had a great admiration for LinkedIn,” Microsoft CEO Satya Nadella said in a video on Microsoft’s website. “I have been talking with Reid and Jeff for a while … I have been thinking about this for a long time.”
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