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Microsoft has reached a deal to acquire LinkedIn, a social networking site for professionals, in an all-cash transaction valued at $26.2 billion.

In a statement released on Monday, Microsoft said it will pay $196 per share to buy the social networking site that has more than 400 million members.

LinkedIn will retain its distinct brand, culture and independence, while Jeff Weiner, LinkedIn’s CEO, will report to Satya Nadella, CEO of Microsoft. The transaction is expected to close this calendar year.

“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.”

Microsoft said it will finance the transaction primarily through the issuance of new debt. Upon closing, Microsoft expects LinkedIn’s financials to be reported as part of Microsoft’s productivity and business processes segment.

LinkedIn is the world’s largest and most valuable professional network with over 433 million members worldwide, over 105 million unique visiting members per month, over 45 billion quarterly member page views, over 7 million active job listings, and 60 percent mobile usage.

“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.”