Technology giant Microsoft today said it will get professional networking platform LinkedIn in an all-cash transaction valued at $26.2 billion.

LinkedIn will keep freedom, culture and its different brand, it included.

The trade is anticipated to close. The LinkedIn team has grown an incredible company centred on joining the world’s professionals. Collectively, as we seek to empower every individual and organisation in the world we can hasten the increase of LinkedIn in addition to Microsoft Office 365 and Dynamics,” Microsoft chief Satya Nadella said.

Chairman of the board, Reid Hoffman, co founder and controlling shareholder of LinkedIn, and Weiner this trade is totally supported by both, the statement said. In India, LinkedIn has about 650 workers and R&D operations in Bengaluru.

LinkedIn started out in the living room of cofounder Hoffman in 2002 and was formally established in 2003 on May 5.

LinkedIn has found 19 per cent increase year-on-year to more than 433 million members world-wide while 34 per cent increased to over 45 billion. Over 92 million users came from the Pacific area and Asia.

In the first quarter of 2016, 35 per cent year-on rose -year to reach $861 million. It’d forecast its earnings for the total year 2016 to be in the range of $3.65-3.7 billion.

The trade will be financed by Microsoft mainly through the issuance of indebtedness that is new. Upon closure, Microsoft anticipates LinkedIn’s financials to be reported as part of Business Processes section and Microsoft’s Productivity.

Additionally, Microsoft also reiterated its goal to finish its present $ 40 billion share repurchase authorisation as formerly perpetrated by December 31, 2016, the exact same timeframe. LinkedIn has more than 9,700 full time workers and is headquartered in Mountain View, California. It’s offices in 30 cities, including London and Bengaluru, Beijing, Chicago, Dubai, Dublin, Hong Kong.