Microsoft Closes Acquisition of LinkedIn

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 [e-mail]

(END) Dow Jones Newswires

December 08, 2016 11:54 ET (16:54 GMT)

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