Microsoft is buying professional networking service site LinkedIn for about $26.2 billion, the software maker announced Monday.

The tech giant says it 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 calendar year.

“The LinkedIn team has grown a fantastic business centered on connecting the world’s professionals,” said Microsoft CEO Satya Nadella, 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.”

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LinkedIn, based in Mountain View, California, has more than 430 million members. Users can network with professionals, upload their resumes and search for jobs on the site.

Jeff Weiner will remain CEO of LinkedIn, reporting Nadella.

LinkedIn shares rose 48.49 percent to $194.64 in pre-market trading on Monday. Microsoft shares dipped 4.02 percent to $49.41.

The Associated Press contributed to this report.