Microsoft has purchased the social networking service LinkedIn for $26.2 billion, equating to $196 per share. The network?s co-founder has described the deal as a ?re-founding moment? for the service.
The two companies have entered what they call a ?definitive agreement? that will see Jeff Weiner staying on as CEO of LinkedIn but will now be answerable to Microsoft boss Satya Nadella.
The deal, which is the biggest for Nadella while leading Microsoft, sees the company paying a 49.5 percent premium on LinkedIn's closing price on Friday, according to Bloomberg.
The transaction is expected to be closed out by the end of the year and was unanimously approved by the boards of directors of both LinkedIn and Microsoft.
It is also subject to approval by LinkedIn?s shareholders and will need certain regulatory approvals.
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