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.
In 2015, LinkedIn bought Lynda.com 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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