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Microsoft will buy commercial real estate’s favorite social network, LinkedIn, in a $26.2B cash deal, valuing the firm at $196/share.
LinkedIn’s founder, Reid Hoffman, along with its CEO, Jeff Weiner (pictured), have approved the deal for the business social network, which has over 400 million members.
Jeff will stay on as CEO and operate LinkedIn as an independent brand and will report to Microsoft CEO Satya Nadella, CNBC reports.
LinkedIn’s shares jumped 48% in pre-market trading after the announcement, and Microsoft’s opened down 5%. [CNBC]
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