Microsoft has purchased the World’s largest professional social network site LinkedIn for $26.2 billion in cash.
Microsoft’s biggest-ever acquisition and one of the largest in the tech sector, the company is planning to re-focus in the world of cloud computing and services. Both the companies – Microsoft and Linkedin stood first in the fields of professional cloud computing and the Professional social networking regions. Now, the acquisition will be one of the additional tools for the Microsoft.
Microsoft chief executive Satya Nadella in a statement says that “This deal brings together the world’s leading professional cloud with the world’s leading professional network. It’s clear to me that the LinkedIn team has grown a fantastic business and an impressive network of more than 433 million professionals.”
LinkedIn CEO Jeff Weiner stated that “It will retain its distinct brand, culture and independence. 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.”
LinkedIn chairman and controlling shareholder Reid Hoffman has stated that “Today is a re-founding moment for LinkedIn. I see the incredible opportunity for our members and customers and look forward to supporting this new and combined business.”
As per the definitive agreement between the both tech giants, the deal will get closed by the end of this year.