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San Francisco - Software giant Microsoft is set to buy professional social network LinkedIn for $26.2bn.
In a statement on Monday, Microsoft said it would acquire LinkedIn for $196 per share in an all-cash transaction.
Microsoft said it expects the transaction to close this calendar year.
Citing reasons for the purchase, Microsoft highlighted how LinkedIn has experienced increased membership, engagement and financial results.
LinkedIn, for example, has experienced 19% growth year-over-year to more than 433 million members while it has further had 101% year-over-year growth to more than 7 million active job listings.
“LinkedIn will retain its distinct brand, culture and independence,” said Microsoft in a blog post.
“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,” said Microsoft.
The Microsoft-LinkedIn deal is just the latest big tech tie-up in recent years with the likes of social network Facebook having bought WhatsApp for $19bn in 2014.
