LinkedIn is about to wear its name in the most literal form.
If you remember just last month, the popular business networking giant suffered a security breach whereby many of its users were unknowing victims of a hacking breach in which millions had their associated email accounts compromised.
The reported reason was that this information was to be possibly sold on the online black market.
Well LinkedIn’s not taking any L’s going further.
According to the New York Times, LinkedIn is INKED in—with Microsoft who, for 26.2 billion, is buying in.
Reportedly, Microsoft has agreed to pay $196 a share to acquire the professional networking giant. LinkedIn currently brags of having approximately 400 million members from all over the world.
LinkedIn’s CEO Jeff Weiner, an unnamed shareholder, and another LinkedIn founder (Reid Hoffman) approved the deal.
Weiner will still operate as CEO of LinkedIn which will run as an independent brand.
This is great news (and business) for LinkedIn.
By doing just that (linking in) this move is keeping the brand afloat and connected in a very big way considering the fact that just last fall, its shares had fallen $260 a share.
Despite the handsome share package the company generously bragged of giving its employees earlier this year), just past Friday at the closing stock market bell, it ended up trading at just $131.08 a share.
When a business (or “brand”) isn’t doing all that well stand alone, mergers and sells are typically necessary and often times the best move going forward in order to go forward.