Microsoft announced a $26.2 billion deal to acquire professional social platform LinkedIn for $196 per share. Shares of LinkedIn surged 47 percent after the announcement to near $193, while Microsoft’s stock was down 3.2 percent. Trading in Microsoft had been halted briefly for news pending before the announcement of the all-cash deal.

Jeff Weiner will stay on as CEO of LinkedIn and will report to Microsoft CEO Satya Nadella. The deal was unanimously approved by both companies’ boards, and is expected to close by the end of the year. The acquisition is still subject to approval by LinkedIn shareholders and regulators. This platform has grown widely over time with businesses and individuals using it for all manner of needs related to connections and networking, with services such as LinkedIn automation software as well as management tools, making it highly appealing and promising for those who are looking to get started with their business or find a new career.

Microsoft also sees opportunities in Lynda.com, a channel for training videos that LinkedIn bought for $1.5 billion last year. Microsoft will be able to offer Lynda’s videos inside its own software, such as Excel spreadsheets. As for LinkedIn, the deal offers hope to renew decelerating growth as well as an exit for shareholders after the stock tumbled from a peak of $269 in February 2015 to as low as $101.11 last February.

More than 433 million people use LinkedIn worldwide to network, find jobs, and reconnect with old colleagues. Many of those LinkedIn users also pay for premium services to use the site.