In what could likely be on the of biggest social media stories of 2016, Microsoft on Monday announced plans to acquire LinkedIn in a deal worth $26.2 billion.
According to MAW, the deal should close before the end of 2016.
“We are joining forces with Microsoft to realize a common mission to empower people and organizations,” a post on LinkedIn reads. “LinkedIn’s vision – to create economic opportunity for every member of the global workforce – is not changing and our members still come first.”
Microsoft is paying a whopping $196 per share for LinkedIn.
According to MAW, with LinkedIn posting $3 billion in revenue in 2015, it’s evident that there’s an impressive growth trajectory for the professional social network, which now boasts well over 430 million users globally.
So what exactly will Microsoft do with LinkedIn? For now, we don’t more. But chances are additional details are on the horizon.
“The LinkedIn team has grown a fantastic business centered on connecting the world’s professionals,” says Microsoft CEO Satya Nadella. “Together we can accelerate the growth of LinkedIn, as well as Microsoft Office 365.”