header image

[Sign Up Now] to Receive Our FREE Daily SCVTV-SCVNews Digest by E-Mail

Inside
Weather
Santa Clarita CA
Mostly clear
Mostly clear
55°F
 
Calendar
Today in
S.C.V. History
September 16
1872 - Mitchell adobe home in Soledad Canyon area first used as schoolhouse; genesis of 1879 Sulphur Springs School District [story]
Mitchell adobe


Microsoft Corp. and LinkedIn Corporation on Monday announced they have entered into a definitive agreement under which Microsoft will acquire LinkedIn for $196 per share in an all-cash transaction valued at $26.2 billion, inclusive of LinkedIn’s net cash.

LinkedIn will retain its distinct brand, culture and independence. Jeff Weiner will remain CEO of LinkedIn, reporting to Satya Nadella, CEO of Microsoft. Reid Hoffman, chairman of the board, co-founder and controlling shareholder of LinkedIn, and Weiner both fully support this transaction. The transaction is expected to close this calendar year.

LinkedIn is the world’s largest and most valuable professional network and continues to build a strong and growing business. Over the past year, the company has launched a new version of its mobile app that has led to increased member engagement; enhanced the LinkedIn newsfeed to deliver better business insights; acquired a leading online learning platform called Lynda.com to enter a new market; and rolled out a new version of its Recruiter product to its enterprise customers. These innovations have resulted in increased membership, engagement and financial results, specifically:

* 19 percent growth year over year (YOY) to more than 433 million members worldwide

* 9 percent growth YOY to more than 105 million unique visiting members per month

* 49 percent growth YOY to 60 percent mobile usage

* 34 percent growth YOY to more than 45 billion quarterly member page views

* 101 percent growth YOY to more than 7 million active job listings

Microsoft Corp and LinkedIn“The LinkedIn team has grown a fantastic business centered on connecting the world’s professionals,” Nadella said. “Together we can accelerate the growth of LinkedIn, as well as Microsoft Office 365 and Dynamics as we seek to empower every person and organization on the planet.”

“Just as we have changed the way the world connects to opportunity, this relationship with Microsoft, and the combination of their cloud and LinkedIn’s network, now gives us a chance to also change the way the world works,” Weiner said. “For the last 13 years, we’ve been uniquely positioned to connect professionals to make them more productive and successful, and I’m looking forward to leading our team through the next chapter of our story.”

The transaction has been unanimously approved by the Boards of Directors of both LinkedIn and Microsoft. The deal is expected to close this calendar year and is subject to approval by LinkedIn’s shareholders, the satisfaction of certain regulatory approvals and other customary closing conditions.

“Today is a re-founding moment for LinkedIn. I see incredible opportunity for our members and customers and look forward to supporting this new and combined business,” said Hoffman. “I fully support this transaction and the Board’s decision to pursue it, and will vote my shares in accordance with their recommendation on it.”

Microsoft will finance the transaction primarily through the issuance of new indebtedness. Upon closing, Microsoft expects LinkedIn’s financials to be reported as part of Microsoft’s Productivity and Business Processes segment. Microsoft expects the acquisition to have minimal dilution of ~1 percent to non-GAAP earnings per share for the remainder of fiscal year 2017 post-closing and for fiscal year 2018 based on the expected close date, and become accretive to Microsoft’s non-GAAP earnings per share in Microsoft’s fiscal year 2019 or less than two years post-closing. Non-GAAP includes stock-based compensation expense consistent with Microsoft’s reporting practice, and excludes expected impact of purchase accounting adjustments as well as integration and transaction-related expenses. In addition, Microsoft also reiterated its intention to complete its existing $40 billion share repurchase authorization by Dec. 31, 2016, the same timeframe as previously committed.

Morgan Stanley is acting as exclusive financial advisor to Microsoft, and Simpson Thacher & Bartlett LLP is acting as legal advisor to Microsoft. Qatalyst Partners and Allen & Company LLC are acting as financial advisors to LinkedIn, while Wilson Sonsini Goodrich & Rosati, Professional Corporation, is acting as legal advisor.
About LinkedIn

LinkedIn connects the world’s professionals to make them more productive and successful and transforms the way companies hire, market, and sell. Our vision is to create economic opportunity for every member of the global workforce through the ongoing development of the world’s first Economic Graph. LinkedIn has more than 400 million members and has offices around the globe.
About Microsoft

Microsoft is the leading platform and productivity company for the mobile-first, cloud-first world, and its mission is to empower every person and every organization on the planet to achieve more.

Comment On This Story
COMMENT POLICY: We welcome comments from individuals and businesses. All comments are moderated. Comments are subject to rejection if they are vulgar, combative, or in poor taste.
REAL NAMES ONLY: All posters must use their real individual or business name. This applies equally to Twitter account holders who use a nickname.

0 Comments

You can be the first one to leave a comment.

Leave a Comment


Latest Additions to SCVNews.com
1872 - Mitchell adobe home in Soledad Canyon area first used as schoolhouse; genesis of 1879 Sulphur Springs School District [story]
Mitchell adobe
Students across L.A. County may soon have access to more mental health services with the expansion of the Community School Initiative. 
Student Mental Health Services Expansion To Be Explored County Wide
Supervisor Kathryn Barger has read a motion to accept a portion of Sloan Canyon Road near Castaic High School into the county system of highways in an effort to ensure roadway safety and prevent future crashes. 
Supervisor Barger To Address Sloan Canyon Traffic Safety
Los Angeles County Public Health officials on Tuesday confirmed 37 new deaths and 1,930 new cases of COVID-19 countywide, with 34,936 total cases in the Santa Clarita Valley.
Wednesday COVID-19 Roundup: Public Health Issues New Vaccine Order; 34,936 Total SCV Cases
Los Angeles County Sheriff’s Station deputies are looking for the scoop after multiple Baskin- Robbins ice cream shops were burglarized overnight Tuesday, including two locations in the Santa Clarita Valley.
2 Suspects Arrested In Connection To Baskin-Robbins Burglaries
The city of Santa Clarita invites non-profit organizations interested in learning more about the 2022 grant cycle of the Community Services and Arts Grants Program to a meeting on Thursday, Sept 23.
City Invites Non-Profits To Informational Meeting On Non-Profit Grant
The city of Santa Clarita is presenting the 2021 Parent Resource Symposium, titled “Social Media: The New Gateway Drug” later this month. 
Upcoming Parent Symposium To Show Dangers Of Social Media
A storm’s a-Bruin in the city of Santa Clarita for the start of the American Collegiate Hockey Association season.
UCLA Hockey To Play At The Cube In Valencia
Angeles National Forest officials announced Wednesday the current forest-wide emergency closure order has been extended till midnight of Sept. 22.
Angeles National Forest Extends Closure Until Sept. 22
The Los Angeles County Department of Workforce Development, Aging and Community Services is pleased to announce the launch of a new website that links jobseekers and businesses to free workforce development services available through the County’s network of America’s Job Centers of California.
L.A. County Launches New Website For Jobseekers And Businesses
Gov. Gavin Newsom survived efforts aimed at removing him from office after a majority of Californians voted “no” in Tuesday’s recall election, according to preliminary election results.
Gavin Newsom Defeats Recall Efforts
1970 - SCV voters recall two Hart School Board members who didn't let Canyon students protest the Vietnam War [story]
voting
A majority of ballots counted as of Tuesday evening favored keeping the governor in office as county election officials across the state continued tallying ballots Tuesday night in the election to determine whether to recall Gov. Gavin Newsom.
Early Returns: California Voters Rejecting Recall of Gov. Newsom
Los Angeles County Public Health officials on Tuesday confirmed 27 new deaths and 1,725 new cases of COVID-19 countywide, with 34,885 total cases in the Santa Clarita Valley.
Tuesday COVID-19 Roundup: Correctional Facilities Continue to See COVID-19 Outbreaks; 34,885 Total SCV Cases
Reports of an aircraft crash landing at Pitchess Detention Center in Castaic prompted a full response from law enforcement and first responders Tuesday, with initial reports indicating the plane’s occupants were not injured.
Aircraft Crash-Lands Near Pitchess Detention Center in Castaic
In an email sent to parents Tuesday morning, Hart High School Principal Jason d’Autremont called for an end to a destructive social media trend that involves students filming themselves “trashing” school bathrooms.
Hart Principal Calls for End to ‘Bathroom Trashing’ Social Media Trend
In partnership with the Community College Consortium for OER, College of the Canyons has received a second grant from the William and Flora Hewlett Foundation to expand and extend the Open for Anti-Racism program supporting faculty in California Community Colleges.
COC Receives Grant to Support Anti-Racism Through Open Educational Resources
1924 - SCV Deputy Ed Brown killed in shootout with Gus Le Brun [story]
Deputy Ed Brown
The Santa Clarita Master Chorale is proud to announce its annual benefit event - Cabaret and Cabernet - will be held Saturday, Oct. 16, at 5:00 p.m., in the Bridgeport Clubhouse.
Oct. 16: Santa Clarita Master Chorale’s Annual Benefit Fundraiser
The Los Angeles County Library is kicking off its 42nd Annual Bookmark Contest for grades K – 12, which celebrates reading and creativity. Submissions will be accepted through Saturday, Oct. 30.
Entries Being Accepted for L.A. County Library’s Annual Bookmark Contest
Officially open to the public, Baskin-Robbins – the world’s largest chain of specialty ice cream shops – has unveiled another edition of its new store concept in Canyon Country that helps to instantly spark moments of ice cream joy.
Newly Reimagined Baskin-Robbins Store Concept Comes to Canyon Country
The American Cancer Society is holding a Relay Rally on Saturday, Sept. 18, from 12:00 p.m. - 5:00 p.m., at Westfield Valencia Town Center.
Sept. 18: American Cancer Society’s Relay Rally
The Golden Valley Grizzlies (1-1) were without their starting quarterback Jaxson Miner in Friday’s game against the Rio Mesa Spartans (1-2). Yet, the outcome of the game wasn’t inevitable from the start.
Golden Valley Loses Home Opener to Rio Mesa 20-19
The Route Fire, which shut down parts of Interstate 5 in Castaic Saturday afternoon, was held at 462 acres, with firefighters able to achieve 63% containment by Monday morning.
Route Fire Held at 462 Acres, 63% Containment
%d bloggers like this: