Microsoft Corporation has agreed to acquire LinkedIn Corp for $26.2 billion or $196 per share in cash. After the deal announced of early Monday, shares of LinkedIn surged 48%, while Microsoft’s stock was down 4% in the morning sessions.
Under the terms of the agreement, Jeff Weiner will serve as CEO of LinkedIn. He will report to Microsoft CEO Satya Nadella. The boards of directors of both companies approved the deal, which is expected to close by the end of the year.
The acquisition is subject to approval by LinkedIn shareholders and regulators, CNBC reported.
More details about the deal are coming.