Microsoft agrees to buy LinkedIn for US$26.2 billion

Microsoft agrees to buy LinkedIn for US$26.2 billion

WASHINGTON - Microsoft Corp agreed to buy LinkedIn Corp for US$26.2 billion (S$35.6 billion) in cash, the companies said in a statement on Monday.

The offer of US$196 per share represents a premium of 49.5 per cent to LinkedIn's Friday closing price.

"Today is a re-founding moment for LinkedIn," Reid Hoffman, chairman of LinkedIn's board, said in a statement.

Jeff Weiner will remain chief executive of LinkedIn, reporting to Microsoft CEO Satya Nadella.

The deal is expected to close in 2016.

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