Microsoft set to buy networking site LinkedIn for $26.2 billion

NEW YORK -- Microsoft said Monday that it is buying professional networking service site LinkedIn for about $26.2 billion.

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 of the stock's closing price of $131.08 on Friday.

The deal is expected to close this year.

LinkedIn will keep its name and independence and Jeff Weiner will stay on as CEO of LinkedIn. Microsoft is based in Redmond, Washington.

LinkedIn shares soared 49 percent before the stock market opened Monday. Microsoft shares slipped 3.6 percent to $49.60.