Microsoft is buying LinkedIn for $26.2 billion, the company announced on Monday. Microsoft will pay $196 per share for the company. LinkedIn CEO will remain CEO of the professional social network, and will report to Microsoft CEO Satya Nadella.
Under the terms of the acquisition, LinkedIn will maintain its “distinct brand, culture, and independence,” and Microsoft says LinkedIn cofounder and chairman of the board Reid Hoffman and Weiner “both fully support” the purchase.
LinkedIn currently has 443 million members and 105 million monthly active unique visitors. Cofounder Reid Hoffman calls the deal a “re-Founding moment” for the company, which went to public in 2011.
The deal is expected to be completed this calendar year.