Software giant Microsoft is to buy professional networking site LinkedIn for $26 billion (£18 billion) in cash. It is anticipated that the deal will allow Microsoft to boost sales of its business and email software by being integrated with Office 365, Exchange and Outlook. However, the parent company has said that LinkedIn will retain its "distinct brand, culture and independence".
The deal values the networking site at the market value of Sky, eight times as much as Daily Mail owner DMG, although LinkedIn has seen shares fall in recent times, having issued a profit warning in February as annual losses plunged to $166 million. LinkedIn chief executive Jeff Weiner and its founder Reid Hoffman both backed the deal.
"Today is a re-founding moment for LinkedIn," said Mr Hoffman. "I see incredible opportunity for our members and customers and look forward to supporting this new and combined business."
