Microsoft will soon add Linkedin to its own professional network.
The technology and software giant will acquire the social networking site for a reported $196 per share; the all-cash transaction is valued at $26.2 billion, according to a Microsoft blog post.
Linkedin will remain its own "distinct brand, culture, and independence" according to a press release and Jeff Weiner will remain the CEO of the networking platform.
“The LinkedIn team has grown a fantastic business centered on connecting the world’s professionals,” Microsoft CEO Satya Nadella said. “Together we can accelerate the growth of LinkedIn, as well as Microsoft Office 365 and Dynamics as we seek to empower every person and organization on the planet.”
Linkedin CEO Jeff Weiner said “Just as we have changed the way the world connects to opportunity, this relationship with Microsoft, and the combination of their cloud and LinkedIn’s network, now gives us a chance to also change the way the world works."
Linkedin is a 13-year-old brand with over 400 million users and over 7 million active job listings. Monday's announcement was distributed via press release, but investors are expected to attend a conference call with Microsoft and Linkedin CEOs later in the morning.