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Microsoft agrees to buy LinkedIn for $26.2 billion

WORLD
By Reuters | June 13th 2016
A Microsoft logo is seen on an office building in New York City in this July 28, 2015 file photo. Microsoft Corp announced more big cuts to its smartphone business on Wednesday.

Microsoft Corp (MSFT.O) agreed to buy LinkedIn Corp (LNKD.N) for $26.2 billion in cash, the companies said in a statement on Monday.

The offer of $196 per share represents a premium of 49.5 percent to LinkedIn's Friday closing price.

"Today is a re-founding moment for LinkedIn," Reid Hoffman, chairman of LinkedIn's board, said in a statement.

Jeff Weiner will remain chief executive of LinkedIn, reporting to Microsoft CEO Satya Nadella.

The deal is expected to close in 2016.

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