NEW YORK (AP) – In a surprise move, Microsoft said Monday that it is buying professional networking service site LinkedIn for about $26.2 billion.
It is by far Microsoft’s largest acquisition – much larger than Skype, which the company bought for $8.5 billion in 2011.
LinkedIn, based in Mountain View, California, has more than 430 million members. Users can network with other professionals, upload their resumes, catch up on career advice and search for jobs on its site and apps.
Microsoft Corp. is paying $196 for each share of LinkedIn Corp., a 50 percent premium over the stock’s closing price of $131.08 on Friday. The deal is expected to close this year.
LinkedIn will remain an independently run unit of Microsoft. It will keep its name, and current CEO Jeff Weiner will stay on and report directly to Microsoft CEO Satya Nadella. Microsoft is based in Redmond, Washington.