WASHINGTON: (APP) Microsoft said Monday it signed a deal to acquire the professional social network LinkedIn for $26.2 billion in cash.
"This deal brings together the world's leading professional cloud with the world's leading professional network," Microsoft chief executive Satya Nadella said in a statement.
According to a statement from the two firms, LinkedIn "will retain its distinct brand, culture and independence," with Jeff Weiner remained at CEO of LinkedIn .
"Just as we have changed the way the world connects to opportunity, this relationship with Microsoft , and the combination of their cloud and LinkedIn 's network, now gives us a chance to also change the way the world works," Weiner said.
The two firms said they had reached a "definitive" agreement that would close later this year, with the support of LinkedIn chairman and controlling shareholder Reid Hoffman.
The move comes with Microsoft refocusing its efforts away from being a pure software firm , and LinkedIn seeking ways to boost growth.
LinkedIn , which enables members to connect with similar-minded professionals and facilitates job hunting, has some 433 million members worldwide.