Microsoft announced that it’s acquiring the popular professional platform for $26.2 billion.

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The transaction to acquire the popular professional social platform will be all-cash, with the company’s shares being valued at $196 each. As part of the transaction, LinkedIn will retain the brand and conducting its business as usual. LinkedIn’s current CEO, Jeff Weiner will continue on and will report directly to Satya Nadella (Microsoft’s CEO). Nadella explained that:

The LinkedIn team has grown a fantastic business centred 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 organisation on the planet.

The deal was approved by both of the companies’ Boards of Directors and is expected to be closed by the end of this calendar year.

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The two companies will host a joint conference call with investors on June 13, 2016, at 8:45 a.m. Pacific Time/11:45 a.m. Eastern Time to discuss this transaction. The call will be available via webcast and will be hosted by Nadella and Weiner.

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