REDMOND, Washington (Web Desk) - Tech giant Microsoft has announced it will acquire the social networking service LinkedIn for $26.2 billion in cash.
Microsoft Corp. will pay $196 per share for LinkedIn Corp., a 50 percent premium over LinkedIn's Friday closing price. Shares vaulted 47 percent in value, to around $193 per share, after the announcement.
The deal is expected to close by the end of the year, and is still subject to approval by regulators and LinkedIn shareholders, the UPI reports.
Read: Microsoft launches employability platform in Pakistan
Jeff Weiner will remain LinkedIn CEO. In a statement to employees he said, "Little is expected to change. The one exception: for those members of the team whose jobs are entirely focused on maintaining LinkedIn's status as a publicly traded company, we'll be helping you find your next play. In terms of everything else, it should be business as usual."
"Imagine a world where we're no longer looking up at tech titans such as Apple, Google, Microsoft, Amazon and Facebook and wondering what it would be like to operate at their extraordinary scale, because we're one of them," he added.
Read more: Microsoft to launch Windows 10 on July 29
The acquisition by Microsoft could expand the market for both companies' products. Microsoft has attempted to better connect its products, and LinkedIn's large network can offer data to improve them. Microsoft's interest is in finding more users for Microsoft Office and its other wares, and hopes the union of companies will reveal data and connections leading to better productivity.
A cost savings, by both companies, of about $150 million per year is expected. LinkedIn must pay a $725 million fee if it declines the deal.
Pakistani rupee inches up against US dollar in the open market on 28 March, 2024.
In the open market, the US dollar was being quoted at 278.4 for buying and 281.4 for selling.
Euro moves down to 299.75 for buying and 302.75 for selling while British Pound hovers around 353.75 for buying, and 357.25 for selling.
UAE Dirham AED remains stable at 75.55 whereas the Saudi Riyal saw minor increase, with new rates at 73.70.
Currency | Symbol | Buying | Selling |
---|---|---|---|
US Dollar | USD | 278.4 | 281.4 |
Euro | EUR | 299.75 | 302.75 |
UK Pound Sterling | GBP | 353.75 | 357.25 |
U.A.E Dirham | AED | 75.55 | 76.3 |
Saudi Riyal | SAR | 73.7 | 74.4 |
Australian Dollar | AUD | 182.9 | 184.7 |
Bahrain Dinar | BHD | 739.61 | 747.61 |
Canadian Dollar | CAD | 204.25 | 206.45 |
China Yuan | CNY | 38.74 | 39.14 |
Danish Krone | DKK | 40.30 | 40.70 |
Hong Kong Dollar | HKD | 35.55 | 35.9 |
Indian Rupee | INR | 3.33 | 3.44 |
Japanese Yen | JPY | 1.86 | 1.94 |
Kuwaiti Dinar | KWD | 901.14 | 910.14 |
Malaysian Ringgit | MYR | 59.25 | 59.85 |
New Zealand Dollar | NZD | 168.56 | 170.56 |
Norwegians Krone | NOK | 26.19 | 26.49 |
Omani Riyal | OMR | 724.36 | 732.36 |
Qatari Riyal | QAR | 76.57 | 77.27 |
Singapore Dollar | SGD | 206.25 | 208.25 |
Swedish Korona | SEK | 26.89 | 27.19 |
Swiss Franc | CHF | 313.78 | 316.28 |
Thai Bhat | THB | 7.76 | 7.91 |
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