Cue the jokes about Clippy and New Yorker cartoon captions: Microsoft announced Monday it was acquiring LinkedIn for $26.2 billion in cash.
In a statement, Microsoft said it will pay $196 for each LinkedIn share in the all-cash transaction. Here’s more:
The transaction has been unanimously approved by the Boards of Directors of both LinkedIn and Microsoft. The deal is expected to close this calendar year and is subject to approval by LinkedIn’s shareholders, the satisfaction of certain regulatory approvals and other customary closing conditions.
Jeff Weiner, LinkedIn’s CEO, will report to Satya Nadella, the Microsoft CEO, the statement said, adding Reid Hoffman, chairman of the board, co-founder and controlling shareholder of LinkedIn, and Weiner both support the transaction.