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Microsoft set to acquire LinkedIn for $26.2b



Microsoft set to acquire LinkedIn for $26.2b

Microsoft is buying social-networking site LinkedIn in an all-cash transaction for $26.2 billion, company officials announced June 13.

The move fits in with Microsoft’s increasing push to focus on business customers.

Founded in 2002, Mountain View, Calif.-based LinkedIn had approximately 400 million users in 2015. The company provides a social network alternative for finding professional and work connections, sharing resumes and potentially finding professional and work connections, sharing resumes and potentially finding new posts.

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In 2015, LinkedIn bought for $1.2 billion to help the company bolster its online learning/training and talent-development capacities.

According to the press release, 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.

The transaction is expected to close this calendar year, subject to the approval of LinkedIn shareholders.

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