Microsoft to buy networking site LinkedIn for $26.2 billion

FILE - In this May 8, 2014 file photo, people walk outside of LinkedIn headquarters on in Mountain View , Calif. LinkedIn Corp. reports quarterly financial results on Thursday, July 31, 2014. (AP Photo/Marcio Jose Sanchez, File)

NEW YORK (AP) — Microsoft says 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 network with professionals, upload their resumes and search for jobs on the site.

Microsoft Corp. 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.

LinkedIn shares soared 49 percent before the stock market opened Monday.

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