Microsoft have announced they will buy social platform LinkedIn for $196 per share. The all-cash deal is valued at $26.2 billion. Shares of the business surged 47% in pre-market trading following the announcement. 

Microsoft said in a statement this lunchtime:

"Jeff Weiner will remain CEO of LinkedIn, reporting to Satya Nadella, CEO of Microsoft. Reid Hoffman, chairman of the board, co-founder and controlling shareholder of LinkedIn, and Weiner both fully support this transaction. The transaction is expected to close this calendar year."

"The LinkedIn team has grown a fantastic business centered on connecting the world's professionals," Microsoft CEO Satya Nadella said in a statement. "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."