Microsoft to buy LinkedIn in deal valued at $26.2B

Microsoft Corp. (Nasdaq: MSFT) yesterday announced it would buy social media network LinkedIn Corp. (NYSE: LNKD) in a deal worth $26.2 billion.

The Redmond, Wash.-based tech giant agreed to pay $196 per share in the deal, nearly 50 percent over LinkedIn’s stock price of $131.08 as of the market’s close on Friday.

Along with a recent move toward cloud-based services, the deal is part of Microsoft’s efforts to appeal more to business customers, according to Bloomberg Business.

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