Microsoft adds LinkedIn to its professional network for $26.2 billion

Microsoft has added LinkedIn, the ultimate business social platform, to its professional network for $26.2 billion.

Microsoft announced the billion dollar deal on Monday to acquire professional social platform LinkedIn for $196 per share.The deal which is still subject to approval by LinkedIn shareholders and regulators, was unanimously approved by both companies' boards. Both Microsoft and LinedIn are expected seal the deal by the end of the year.

Shares of the professional networking site increased by 48 percent after it was announced.
 LinkedIn will retain its CEO, Jeff Weiner but will report to Microsoft CEO Satya Nadella.