Some had hoped that Microsoft"s next big acquisition would be Slack - but today, the company announced that it is buying professional networking platform LinkedIn.
The two companies have agreed terms for Microsoft to snap up LinkedIn for $196 a share, in an all-cash deal worth a total of $26.2 billion.
While LinkedIn will become a part of the Microsoft empire, the company says it will "retain its distinct brand, culture and independence". Current LinkedIn CEO Jeff Weiner will remain in charge, reporting to Satya Nadella.
The deal is expected to be completed before the end of 2016.
Source: Microsoft
Update: Shortly before the announcement, trading in Microsoft shares was briefly suspended. After shares reopened, they quickly fell by more than 5%.
Why is Microsoft buying LinkedIn?
So the deal has been agreed, and subject to regulatory approval, it should be finalized in the coming months. But the pressing question is... why?
Check out our feature taking a closer look at what Microsoft is getting out of the LinkedIn deal, and how it will integrate the professional network"s products into its own portfolio.