LinkedIn has a new connection. It’s Microsoft. Luckily, most of us don’t have to pay for connections, because the merger cost Microsoft $26.2 billion. That price tag makes this the biggest deal Microsoft has ever made and the third largest merger or acquisition of 2016.
Unanimously supported by the board of directors at both companies, the deal is largely expected to have positive consequences. Microsoft will get access to LinkedIn’s network of 430 million professionals and a premier B2B marketing platform. LinkedIn, which suffered earlier this year when it announced that a 2012 data hack resulted in a breach of 117 million passwords, has already seen its shares boosted 47%.
In addition to support from their respective boards of directors, both the Microsoft and LinkedIn CEOs set lofty goals for the merger. Microsoft CEO Satya Nadella in a press release Monday said the two companies will “seek to empower every person and organization on the planet.”
LinkedIn CEO Jeff Weiner, who will remain in his position and report to Nadella, struck a similar note in his comments, ““Just as we have changed the way the world connects to opportunity, this relationship with Microsoft... now gives us a chance to also change the way the world works.”
It will certainly be interesting to see how this world-changing combination turns out.
Story by Kelsey Thompson