Microsoft Closes Acquisition of LinkedIn
December 08 2016 - 12:09PM
Dow Jones News
By Joshua Jamerson
Microsoft Corp. closed its roughly $26 billion deal to buy
professional-networking site LinkedIn, cementing the largest
acquisition in the tech giant's history.
The marriage of the two firms, announced in June, is a bet that
the social network can reinvigorate Microsoft's software offerings
despite recent struggles by both companies. The closure of the deal
was announced by Microsoft Chief Executive Satya Nadella in a
LinkedIn post.
Mr. Nadella hopes the deal will open new horizons for
Microsoft's Office suite as well as LinkedIn, both of which have
saturated their markets, and bolster Microsoft's revenue and
competitive position. Microsoft said it would work on integrating
LinkedIn into some of its key offerings, such as adding aspects of
the LinkedIn network to Microsoft Outlook and the Office suite,
which includes Word and PowerPoint.
LinkedIn Chief Executive Jeff Weiner will retain his role. The
companies had expected the deal to close by the end of 2016.
Microsoft's stock edged down 0.1% to $61.32 in morning
trading.
Write to Joshua Jamerson at joshua.jamerson@wsj.com
(END) Dow Jones Newswires
December 08, 2016 11:54 ET (16:54 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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