Microsoft buys LinkedIn for £18bn

Microsoft has bought professional networking website LinkedIn for more than $26bn (£18bn), one of the biggest technology deals of all time.

The all-cash sale, which has already been approved the both boards, will let LinkedIn "retain its distinct brand, culture and independence". Jeff Weiner is to remain as chief executive.

Buying the website, which boasts 430 million members, is the latest step in Satya Nadella's transformation of Microsoft "as he focuses on in-cloud computing and enterprise, rather than the consumer hardware and mobile software" pursued by his predecessor, says the Daily Telegraph.

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In a statement announcing the deal, Nadella "hinted at the competitive advantage he expects the network to provide for Microsoft", says The Guardian.

LinkedIn co-founder Reid Hoffman said: "The relationship with Microsoft, and the combination of their cloud and LinkedIn's network … gives us a chance to change the way the world works."

Shares in LinkedIn closed 46.6 per cent up yesterday, while Microsoft's were down 2.6 per cent.