Microsoft today announced it will be acquiring LinkedIn in an all-cash deal worth $26.2 billion inclusive of LinkedIn’s net cash. The acquisition is expected to close this calendar year. Despite the acquisition, Microsoft CEO has said that LinkedIn will “retain its distinct brand, culture and independence”. Jeff Weiner will remain LinkedIn’s CEO, and will now report to Nadella after the deal is closed.

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

“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. “For the last 13 years, we’ve been uniquely positioned to connect professionals to make them more productive and successful, and I’m looking forward to leading our team through the next chapter of our story,” he added.

LinkedIn is among the world’s largest professional network with over 433 million members worldwide. It has recently recorded a 34 percent year-over-year increase in quarterly page views, which now stands at 45 billion. The network also boasts over seven million active job listings, which marks a 101 percent increase year-over-year.

This is among the biggest acquisitions in Microsoft’s history, and certainly under Nadella’s leadership. To put the deal size into perspective, this deal is nearly three times the size of Microsoft’s acquisition of Nokia.

CEO Satya Nadella explains