Microsoft Is Buying LinkedIn For $26.2 Billion

Microsoft just added something big to its portfolio. On Monday, Microsoft announced that it would buy networking site LinkedIn for $196 per share, in a huge deal worth $26.2 billion. After the announcement, LinkedIn's shares rose by 48%. LinkedIn's CEO, Jeff Weiner, will remain in his current position and report to Satya Nadella, Microsoft's CEO, CNBC reports. Both companies' boards approved the acquisition, which is expected to close later this year, once it's approved by LinkedIn's shareholders and regulators. So, what does Microsoft have to do with LinkedIn, you might wonder — why would Microsoft want to buy this company in the first place? Well, Microsoft lacks a major presence in the social networking sphere, and through this acquisition, the company will finally have a part in the space. And considering LinkedIn is designed for professionals, it does fit Microsoft's productivity-focused DNA. Don't expect to see any significant changes to LinkedIn's apps, or the way the site works — at least at first. "Given our ability to operate independently, little is expected to change," Weiner wrote in a memo to LinkedIn employees published on the social networking site. The acquisition marks Microsoft's biggest-ever deal, Reuters notes. "This deal brings together the world's leading professional cloud with the world's leading professional network," Nadella wrote in a memo to Microsoft employees. One of Microsoft's last major acquisitions was video-conferencing app, Skype, which it acquired in 2011 for $8.5 billion. "We have the same mission and vision; we have the same culture and values; and I'm still the CEO of LinkedIn," Weiner wrote in his memo.