Microsoft, the largest maker of software in the world, is buying LinkedIn, the social network aimed at professionals,for $26.2 billion in all-cash transaction. The two companies announced the deal Monday morning before the market open on Wall Street.
Seattle-based Microsoft is paying $196 per share of LinkedIn, a premium of 49.5 percent over the closing price of LinkedIn shares on Friday. Investors reacted by buying up LinkedIn stock, with the share price up to $194 before the start of trading Monday. At the same time, Microsoft shares were down 3 percent.
Microsoft says it’s buying LinkedIn, which has more than 430 million users, to combine its cloud-based services with LinkedIn’s huge user network.
Source: Vice News