NEW YORK—Microsoft says it is buying professional networking service site LinkedIn for about $26.2 billion.
LinkedIn, based in Mountain View, Calif., has more than 430 million members. Users can network with professionals, upload their resumes and search for jobs on the site.
Microsoft Corp. says it is paying $196 for each share of LinkedIn Corp., a 50 per cent premium of the stock’s closing price of $131.08 on Friday.
In a press release, Microsoft said LinkedIn will retain its “distinct brand, culture and independence.”
Jeff Weiner will remain CEO of LinkedIn, reporting to Satya Nadella, CEO of Microsoft.
The transaction, which Microsoft said has been unanimously approved by the Boards of Directors of both companies, is expected to close later in 2016.