Microsoft, on an accelerated growth push, is buying speech recognition company Nuance in a deal worth about $16 billion. Microsoft will pay $56 per share cash. That's a 23 per cent premium to Nuance's Friday closing price. The companies value the transaction including debt at $19.7 billion. Shares of Burlington, Massachusetts-based Nuance surged more than 17 per cent in Monday morning trading. Microsoft's acquisition of Nuance comes after the companies formed a partnership in 2019. The Redmond, Washington, company said that the deal will double its total addressable market in the health care provider industry, bringing its total addressable market in health care to nearly $500 billion.