Microsoft to Buy LinkedIn for $26bn

microsoft buys linkedin deal acquisition
The logo of Microsoft is seen in Los Angeles, California, United States, April 22. The tech giant is set to acquire LinkedIn. REUTERS/Lucy Nicholson

Microsoft is set to acquire LinkedIn in a deal worth $26.2 billion, the technology giant has announced.

A definitive agreement between the two companies was reached, which sees Microsoft pay LinkedIn $196 per share, As part of the deal, LinkedIn CEO Jeff Weiner will remain at the business social network and will report directly to Microsoft CEO Satya Nadella.

"The LinkedIn team has grown a fantastic business centered on connecting the world's professionals," Nadella said in a statement.

"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."

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The all-cash deal was unanimously approved by the Boards of Directors of both companies and is expected to close towards the end of 2016.

"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 is a chance to also change the way the world works," Weiner said.

"For the last 13 years, we've been uniquely positioned to connect professionals to make them more productive and successful, and I'm looking forward to leading our team through the next chapter of our story."

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Microsoft to Buy LinkedIn for $26bn | Tech & Science