Microsoft to buy LinkedIn for R398 billion

Microsoft has announced its intention to buy LinkedIn, in a deal valued at $26.2 billion (R398 billion).

Microsoft said it will pay $196 per share for the social platform, which saw shares in LinkedIn rise 48% in pre-market trading, according to CNBC.

“LinkedIn will retain its distinct brand, culture and independence. Jeff Weiner will remain CEO of LinkedIn, reporting to Satya Nadella, CEO of Microsoft,” said Microsoft.

“Reid Hoffman, chairman of the board, co-founder and controlling shareholder of LinkedIn, and Weiner both fully support this transaction. The transaction is expected to close this calendar year.”

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Microsoft to buy LinkedIn for R398 billion