Microsoft announced today that they would be acquiring LinkedIn for a mammoth $26,2 billion (R398 billion) in cash, which works out at around $196 dollars per share.

LinkedIn do boast over 400 million users worldwide, but even bearing that in mind this is a huge sum of money.

Here’s NY Times with more:

“The LinkedIn team has grown a fantastic business centered on connecting the world’s professionals,” Satya Nadella, Microsoft’s chief executive, said in a statement.

The companies said Reid Hoffman, a founder of LinkedIn and its controlling shareholder, had approved the deal, as did Jeff Weiner, the chief executive of LinkedIn. Mr. Weiner will remain chief executive of LinkedIn, which will operate as an independent brand, the companies said.

LinkedIn shares had fallen by nearly half since a peak of almost $260 a share last fall and ended trading on Friday at $131.08.

I wonder if the LinkedIn guys will behave like the Instagram guys and fly straight to Vegas to celebrate?

[source:newyorktimes]