Microsoft announced today it has reached an agreement to acquire GitHub, the world’s leading software development platform which used by more than 28 million developers.

Microsoft stated, in a blog post, that the acquisition will empower developers, accelerate GitHub’s growth and advance Microsoft services with new audiences.

“Microsoft is a developer-first company, and by joining forces with GitHub we strengthen our commitment to developer freedom, openness and innovation”, said Satya Nadella, CEO, Microsoft. “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”.

Under the terms of the agreement, Microsoft will acquire GitHub for $7.5 billion in Microsoft stock. Subject to customary closing conditions and completion of regulatory review, the acquisition is expected to close by the end of the 2018 calendar year.

Microsoft’s CEO of Xamarin, Nat Friedman, is taking over as CEO of the San Francisco-based development platform. GitHub CEO Chris Wanstrath will become a Microsoft Technical Fellow as part of the arrangement.

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