Microsoft (NASDAQ:MSFT) has acquired LinkedIn (NYSE:LNKD) for $26.2 billion, or $196 a share.
Following the announcement, LinkedIn’s stock shot up 47% while Microsoft shares declined 2.8%. Microsoft will finance the transaction through issuing more debt. LinkedIn “will retain its distinct brand, culture and independence,” Microsoft says, and will keep its current CEO, Jeff Weiner.
Microsoft employs around 800 people in Vancouver and recently opened a new office at Georgia and Granville, expanding its Vancouver focus from gaming to research and development for cloud-based services.
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