Microsoft to buy networking site LinkedIn for $26.2 billion

Microsoft Corp. says it is paying $196 for each share of LinkedIn Corp.

FILE - This July 3, 2014 file photo shows Microsoft Corp. signage outside the Microsoft Visitor Center in Redmond, Wash. On Wednesday, Jan. 21, 2015, Microsoft will talk about how its upcoming Windows 10 operating system will be consistent across various devices, yet familiar to those who have used past systems on PCs, as the company addresses lackluster reception for the current Windows 8. (AP Photo Ted S. Warren, File)
(AP Photo Ted S. Warren, 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.

(Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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