The European Union (EU) on 6 December 2016 approved Microsoft’s USD 26 billion acquisition of LinkedIn Corporation.
The Executive Arm of the European Commission stated that it was clearing the deal on the condition that, Microsoft, postmerger, will allow other professional networking sites access to programming commands for its Office applications and cloud-computing services for the next five years. The EU also said that the Microsoft must also grant computer manufacturers the option not to install the LinkedIn shortcut on desktop devices.
The EU’s clearance was the final hurdle to closing the deal, following approvals in the U.S., Canada, Brazil and South Africa.
About Microsoft Corporation
- Microsoft Corporation is an American multinational technology company.
- It is headquartered in Redmond, Washington.
- The company develops, manufactures, licenses, supports and sells computer software, consumer electronics and personal computers and services.
- The best known software products of the company are the Microsoft Windows line of operating systems, Microsoft Office, Internet Explorer etc.
- It was founded by Paul Allen and Bill Gates on 4 April 1975.
About LinkedIn Corporation
- LinkedIn is a business-oriented social networking service.
- It was founded on 14 December 2002 and launched on 5 May 2003.
- As of 2015, most of the site's revenue came from selling access to information about its users to recruiters and sales professionals.
- Software giant Microsoft had announced its deal with LinkedIn on 13 June 2016.
- As per the agreement, Microsoft will acquire LinkedIn for USD 196 per share in an all-cash transaction valued at 26.2 billion dollar, inclusive of LinkedIn’s net cash.
- As per the deal, LinkedIn will retain its distinct brand, culture and independence.