Skip to main content

Microsoft’s $26 billion LinkedIn acquisition will close in the coming days

Microsoft’s $26 billion LinkedIn acquisition will close in the coming days

/

The massive buyout has been cleared by regulators

Share this story

LinkedIn Microsoft

Microsoft has gained all necessary regulatory clearance for its acquisition of LinkedIn, the company announced today, and the massive deal is set to close “in the coming days.” The European Commission was the last hurdle remaining after officials in the US, Canada, and elsewhere had already approved the $26.2 billion all-cash buyout.

Microsoft had to make several commitments — outlined in this blog post from president and chief legal officer Brad Smith — regarding its “support for third-party professional social networking services” to have the European Commission clear the deal. Most of them pertain to keeping Office open to competitors, as had been rumored.

The Microsoft-LinkedIn deal was announced back in June, and at the time Microsoft said it hoped to close the acquisition by year’s end. It has met that goal with today’s announcement. In Microsoft’s own words, the combination brings together “the world’s leading professional cloud with the world’s leading professional network.”

But it’s about more than networking and enterprise collaboration, according to Smith. His blog post mentions both the Brexit vote and recent US presidential election as evidence that “many people feel left out and unable to participate in the economic growth and opportunities created by the rising digital economy.”

While technology tools are not a panacea for current economic challenges, we believe they can make an important contribution. Microsoft and LinkedIn together have a bigger opportunity to help people online to develop and earn credentials for new skills, identify and pursue new jobs, and become more creative and productive as they work with their colleagues. Working together we can do more to serve not only those with college degrees, but the many people pursuing new experiences, skills and credentials related to vocational training and so-called middle skills. Our ambition is to do our part to create more opportunity for people who haven’t shared in recent economic growth.

LinkedIn’s 433 million members (2 million of them paid subscribers) and social graph closely align with the software and services Microsoft provides. And though some of us bemoan the pestering emails and largely ignore our LinkedIn profiles, they’re about to become much more important in the world of Office.

Today’s Storystream

Feed refreshed 22 minutes ago Midjourneys

R
External Link
Russell Brandom22 minutes ago
Oracle will pay $23 million to settle foreign bribery charges.

The SEC alleges that Oracle used a slush fund to bribe officials in India, Turkey and the United Arab Emirates. This behavior is sadly common among software companies doing business overseas, and it’s not unique to Oracle. In March, a former Microsoft executive claimed the company spent as much as $200 million a year in bribes for foreign officials.


E
External Link
Emma RothTwo hours ago
Celsius’ CEO is out.

Alex Mashinsky, the head of the bankrupt crypto lending firm Celsius, announced his resignation today, but not after patting himself on the back for working “tirelessly to help the company.”

In Mashinsky’s eyes, I guess that means designing “Unbankrupt yourself” t-shirts on Cafepress and then selling them to a user base that just had their funds vaporized.

At least customers of the embattled Voyager Digital crypto firm are in slightly better shape, as the Sam Bankman-Fried-owned FTX just bought out the company’s assets.


M
Twitter
Mary Beth Griggs2:46 PM UTC
NASA’s SLS rocket is secure as Hurricane Ian barrels towards Florida.

The rocket — and the Orion spacecraft on top — are now back inside the massive Vehicle Assembly Building. Facing menacing forecasts, NASA decided to roll it away from the launchpad yesterday.


A
External Link
Andrew J. Hawkins1:30 PM UTC
Harley-Davidson’s electric motorcycle brand is about to go public via SPAC

LiveWire has completed its merger with a blank-check company and will make its debut on the New York Stock Exchange today. Harley-Davison CEO Jochen Zeitz called it “a proud and exciting milestone for LiveWire towards its ambition to become the most desirable electric motorcycle brand in the world.” Hopefully it also manages to avoid the cash crunch of other EV SPACs, like Canoo, Arrival, Faraday Future, and Lordstown.


A
The Verge
Andrew Webster1:06 PM UTC
“There’s an endless array of drama going on surrounding Twitch right now.”

That’s Ryan Morrison, CEO of Evolved Talent Agency, which represents some of the biggest streamers around. And he’s right — as you can read in this investigation from my colleague Ash Parrish, who looked into just what’s going on with Amazon’s livestreaming service.


R
The Verge
Richard Lawler12:59 PM UTC
Green light.

NASA’s spacecraft crashed, and everyone is very happy about it.

Otherwise, Mitchell Clark is kicking off the day with a deeper look at Dish Network’s definitely-real 5G wireless service , and Walmart’s metaverse vision in Roblox is not looking good at all.


J
External Link
Jess Weatherbed11:49 AM UTC
Won’t anyone think of the billionaires?

Forbes reports that rising inflation and falling stock prices have collectively cost members of the Forbes 400 US rich list $500 billion in 2022 with tech tycoons suffering the biggest losses.

Jeff Bezos (worth $151 billion) lost $50 billion, Google’s Larry Page and Sergey Brin (worth a collective $182b) lost almost $60b, Mark Zuckerberg (worth $57.7b) lost $76.8b, and Twitter co-founder Jack Dorsey (worth $4.5b) lost $10.4b. Former Microsoft CEO Steve Ballmer (worth $83b) lost $13.5b while his ex-boss Bill Gates (worth $106b) lost $28b, albeit $20b of that via charity donations.


T
Thomas Ricker6:45 AM UTC
Check out this delightful DART Easter egg.

Just Google for “NASA DART.” You’re welcome.