Software giants Microsoft has announced an agreement with professional networking site LinkedIn, to acquire its entire shares in a deal worth $26.2bn.
Microsoft is buying the network at $196 per share, including all of its net cash. The deal is set to be signed sometime before the end of this year.
“LinkedIn will retain its distinct brand, culture and independence. Jeff Weiner will remain CEO of LinkedIn, reporting to Satya Nadella, CEO of Microsoft. Reid Hoffman, chairman of the board, co-founder and controlling shareholder of LinkedIn, and Weiner both fully support this transaction.” Microsoft said in a statement about the deal.
“The LinkedIn team has grown a fantastic business centered on connecting the world’s professionals,” Satya Nadella, the CEO of Microsoft  said.
“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.”