Microsoft Corp has acquired LinkedIn Corp for $26.2 billion.
Microsoft will pay $196 per share, representing a premium of 49.5 percent to LinkedIn’s Friday closing price.
Microsoft plans to integrate the career-oriented social network into many of its apps and services, including Office, Skype and Cortana.
LinkedIn CEO Jeff Weiner will remain CEO of the professional social network, and will report directly to Microsoft CEO Satya Nadella.
Under the terms of the acquisition, LinkedIn will maintain its “distinct brand, culture, and independence,” and Microsoft says LinkedIn cofounder and chairman of the board Reid Hoffman and Weiner “both fully support” the purchase.
The deal is expected to be completed this calendar year.