Microsoft is starting this week off with a bang by announcing that it’s acquiring a major social network.
Microsoft has agreed to acquire LinkedIn for a cool $26.2 billion. As part of the deal, LinkedIn will retain its branding and independence, and current CEO Jeff Weiner will remain in his position but will report to Microsoft CEO Satya Nadella.
The deal is subject to approval by LinkedIn shareholders as well as regulatory approvals and other closing conditions. It’s expected to close by the end of 2016.
Here’s what Microsoft CEO Satya Nadella had to say of this deal:
“The LinkedIn team has grown a fantastic business centered on connecting the world’s professionals. 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.”
And here’s LinkedIn CEO Jeff Weiner:
“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. 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.”
LinkedIn is the latest in line of acquisitions that Microsoft has made lately, though those have mostly included makers of popular apps like Acompli and its email app, Sunrise and its calendar app, and software keyboard maker SwiftKey. LinkedIn is a bit different in that its a big social network, but it’s similar in that it’ll help Microsoft be behind a major part of your life if you’re one of the more than 433 million members of LinkedIn.