NEW YORK (AP) — Microsoft says it is buying professional networking service site LinkedIn for about $26.2 billion.

LinkedIn, based in Mountain View, California, has more than 430 million members. Users can network with professionals, upload their resumes and search for jobs on the site.

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Microsoft Corp. says it is paying $196 for each share of LinkedIn Corp., a 50 percent premium of the stock’s closing price of $131.08 on Friday.

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LinkedIn shares soared 49 percent before the stock market opened Monday.

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