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Microsoft has announced that Office 2016 for Mac is now available as a one-time 149.99 purchase without an Office 365 subscription



From MacRumors:
The standalone version of Office 2016 for Mac features offline storage and 15GB of OneDrive cloud storage, but lacks Outlook, Publisher, Access, tablet and phone support, 60 minutes of Skype calling, instant updates and technical support included with the Office 365 version. Office Home & Business 2016 for Mac is also available for 229.99 and includes Word, Excel, PowerPoint, OneNote and Outlook on one Mac.
  Office 2016 for Mac Now Available as One-Time $150 Purchase