Microsoft gets LinkedIn

Microsoft has just announced that they are getting into the social media game in a big way with plans to acquire LinkedIn for a cool $26.2 Billion dollars. It sounds like LinkedIn's CEO will stay on and report to Microsoft's CEO Satya Nadella for the time being. This acquisition is the first major purchase with Satya Nadella at the helm and the biggest since Microsoft's gong show of an acquisition of Nokia's smartphone business. The Verge has more details

Microsoft is announcing today that it plans to acquire LinkedIn for $26.2 billion. Microsoft’s deal to acquire the work-focused social networking giant is an all-cash transaction, and it will value LinkedIn’s shares at $196 each. Microsoft says LinkedIn will retain its own brand and independence, and existing CEO Jeff Weiner will remain and report directly to Satya Nadella.

"The LinkedIn team has grown a fantastic business centered on connecting the world’s professionals," Nadella said. "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." Microsoft is planning to close its acquisition later this year, and the deal has been unanimously approved by the boards of directors of both companies.