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, bigger 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 connect with professionals, upload their resumes 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.