13/06/2016 6:48 PM IST | Updated 15/07/2016 8:27 AM IST

Microsoft Agrees To Buy LinkedIn For $26.2 Billion

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JAKARTA, INDONESIA - MAY 26: Chief Executive Officer of Microsoft Corp. Satya Nadella talks to audience during the Microsoft Developer Festival in Jakarta, Indonesia on May 26, 2016. (Photo by Jefri Tarigan /Anadolu Agency/Getty Images)

Microsoft Corp (MSFT.O) agreed to buy LinkedIn Corp (LNKD.N) for $26.2 billion in cash, the companies said in a statement on Monday.

The offer of $196 per share represents a premium of 49.5 percent to LinkedIn's Friday closing price.

"Today is a re-founding moment for LinkedIn," Reid Hoffman, chairman of LinkedIn's board, said in a statement.

Jeff Weiner will remain chief executive of LinkedIn, reporting to Microsoft CEO Satya Nadella.

The deal is expected to close in 2016.

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