LinkedIn

LinkedIn has more than 430 million users.

(LinkedIn)

Microsoft is buying LinkedIn, the company announced Monday morning.

Microsoft will acquire the social network, best known for connecting professionals through jobs and resumes, for $196 per share. The all-cash deal is worth $26.2 billion.

Jeff Weiner will remain CEO of LinkedIn, according to a press release, and fully supports the transaction with co-founder and controlling shareholder Reid Hoffman. The transaction is expected to close by the end of the year, though it's still subject to approval by shareholders and regulators.

LinkedIn, based in Mountain View, California, has more than 430 million members, according to the Associated Press.

"The LinkedIn team has grown a fantastic business centered on connecting the world's professionals," Micosoft CEO Satya 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."

CNBC reports shares of LinkedIn jumped 48 percent in pre-market trading Monday, while shares of Microsoft opened down 5 percent.