Microsoft Is Buying LinkedIn for $26.2 Billion

Both companies' boards of directors support the deal

Microsoft wants to add LinkedIn to its professional network.

According to joint a statement today from both companies, Microsoft will acquire LinkedIn for $26.2 billion, or $196 per share. LinkedIn CEO Jeff Weiner will remain in his position and report to Microsoft CEO Satya Nadella.

"The LinkedIn team has grown a fantastic business centered on connecting the world's professionals," Nadella said in a statement. "Together we can accelerate the growth of LinkedIn, as well as Microsoft Office 365 and Dynamics as we seek to empower every person and organization on the planet."

According to the statement, Weiner and LinkedIn co-founder and controlling shareholder Reid Hoffman both support the acquisition, which is expected to close at the end of the year. Both LinkedIn and Microsoft's boards of directors have unanimously approved the deal.

"Today is a refounding moment for LinkedIn. I see incredible opportunity for our members and customers and look forward to supporting this new and combined business," said Hoffman. "I fully support this transaction and the board's decision to pursue it, and will vote my shares in accordance with their recommendation on it."

Here is a video of Nadella and Weiner discussing the deal: