On Tuesday, Microsoft Corp. (NASDAQ:MSFT) won the antitrust approval from the European Union for its $26 billion bid of LinkedIn Corp. (NYSE:LNKD), after agreeing to a series of modest concerns. The deal, which has already received the green light in the US, Canada, Brazil and South Africa, would close in the coming days following the European Union clearance, said President of Microsoft, Brad Smith.
“With this regulatory process behind us, we can bring together two great companies and focus on even broader issues for the future,” he wrote in a blog.
According to Reuters, Microsoft is aiming to enhance its core business products with LinkedIn’s suite of sales, marketing and recruiting services, allowing it to better compete with rivals in next-generation computing. LinkedIn generates the bulk of its $3 billion annual revenue from job hunters and recruiters who pay a monthly fee to post resumes and connect with people. The European Commission, which in recent months has signaled concerns about companies acquiring rivals with valuable data and the potential negative impact on competition, said the concessions addressed its concerns.
“These networks are important for professionals to connect and interact and to find new career opportunities. Today’s decision ensures that Europeans will continue to enjoy a freedom of choice between professional social networks,” European Competition Commissioner Margrethe Vestager said.