With Microsoft set to buy LinkedIn for $26.2 billion, Reid Hoffman, chairman of the board, co-founder and controlling shareholder of LinkedIn on Monday said, “Today is a re-founding moment for LinkedIn.”
In a big announcement for the tech world, Microsoft on Monday announced that it will acquire professional network LinkedIn in an all-cash transaction, for $196 per share. Jeff Weiner will remain CEO of LinkedIn, reporting to Satya Nadella, CEO of Microsoft.
We take a look at what the top management at Microsoft and LinkedIn had to say about the deal:
Satya Nadella: 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.
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.
Reid Hoffman: Today is a re-founding moment for LinkedIn. I see incredible opportunity for our members and customers and look forward to supporting this new and combined business.
I fully support this transaction and the Board’s decision to pursue it, and will vote my shares in accordance with their recommendation on it.
The Microsoft-LinkedIn transaction has been unanimously approved by the Boards of Directors of both LinkedIn and Microsoft. The deal is expected to close this calendar year and is subject to approval by LinkedIn’s shareholders, the satisfaction of certain regulatory approvals and other customary closing conditions.
Microsoft will finance the transaction primarily through the issuance of new indebtedness. Upon closing, Microsoft expects LinkedIn’s financials to be reported as part of Microsoft’s Productivity and Business Processes segment.