Microsoft is buying LinkedIn for $26.2 billion, the company announced on Monday.
Microsoft will pay $196 per share for the company.
LinkedIn CEO Jeff Weiner will remain CEO of the social network for professionals, reporting directly to Microsoft CEO Satya Nadella.
Under the terms of the acquisition, LinkedIn will maintain its “distinct brand, culture, and independence” — similar to how Facebook handled its acquisition of WhatsApp — and Microsoft says LinkedIn cofounder and chairman Reid Hoffman and Weiner “both fully support” the purchase, with both boards signing off.
The deal is expected to be completed this calendar year.
LinkedIn shares jumped more than 47% following the news when the markets opened. Microsoft shares, which were halted in pre-market trading pending the news, have since reopened and fallen about 4%.
Nadella announced the news to Microsoft employees in an email Monday morning, which you can read here. LinkedIn CEO Jeff Weiner also sent an email to staff, which you can read here.
You can read Microsoft’s full announcement here, or watch Nadella and Weiner discuss the purchase in the video below: