Microsoft Corp. (NASDAQ: MSFT) saw its shares make a handy gain to start off the week after the firm announced that it would acquire GitHub.
Under the terms of the agreement, Microsoft will get GitHub for $7.5 billion in Microsoft stock. This deal is subject to customary closing conditions and completion of regulatory review, but the acquisition is expected to close by the end of the calendar year.
Ultimately, GitHub will retain its developer-first ethos and will operate independently to provide an open platform for all developers in all industries. Developers will continue to be able to use the programming languages, tools and operating systems of their choice for their projects. Also, developers still will be able to deploy their code to any operating system, any cloud and any device.
Excluding Monday’s move, Microsoft had outperformed the broad markets with the stock up about 44% in the past 52 weeks. In just 2018 alone, the stock was up about 18%.
Satya Nadella, CEO of Microsoft, commented:
Microsoft is a developer-first company, and by joining forces with GitHub we strengthen our commitment to developer freedom, openness and innovation. We recognize the community responsibility we take on with this agreement and will do our best work to empower every developer to build, innovate and solve the world’s most pressing challenges.
Shares of Microsoft were last seen up about 1% at $101.69, within a 52-week trading range of $68.02 to $101.50.