The tech giant has said in a statement that Microsoft on Monday announced to acquire professional networking website LinkedIn for $26.2 billion in an all-cash deal billed as one of the largest such acquisitions in the social media space and the LinkedIn will retain its distinct brand, culture and independence and Jeff Weiner will remain CEO of LinkedIn, reporting to Satya Nadella, Indian-born Microsoft CEO.
Reid Hoffman, chairman of the board, co-founder and controlling shareholder of LinkedIn has stated that he fully supports this transaction and the Board’s decision to pursue it, and will vote my shares in accordance with their recommendation on it.
He has also added that LinkedIn has launched a new version of its mobile app that has led to increased member engagement and enhanced the LinkedIn newsfeed to deliver better business insights and it has acquired a leading online learning platform called Lynda.com to enter a new market and rolled out a new version of its Recruiter product to its enterprise customers and the transaction has been unanimously approved by the boards of directors of both LinkedIn and Microsoft.
