Microsoft Corp. said Monday it will acquire professional networking site LinkedIn Corp. in a transaction valued at $26.2 billion. Microsoft stock was down $1.48, or 2.87%, to $50. 7:34 a.m.: This story has been updated to include both companies’ stock prices and information about Microsoft’s past acquisitions. In 2014, Microsoft paid $7.2 billion to acquire Nokia’s mobile phone business and license all its patents. Redmond, Wash.-based Microsoft will pay $196 per share of LinkedIn in the all-cash transaction, a 50% premium on LinkedIn’s closing stock price of $131.08 on Friday.

Source: Los Angeles Times June 13, 2016 13:09 UTC