Microsoft said Monday morning that it will acquire the social network LinkedIn for $26.2 billion, or $196 per share. That’s a nice premium over the company’s share price, which is currently floating around $131 before the opening bell. The deal is an all-cash transaction.

“LinkedIn will retain its distinct brand, culture and independence,” Microsoft said in a post announcing the news. “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.”

Microsoft said it expects the deal to close by the end of this year.