Microsoft announced a deal to acquire professional social platform LinkedIn for $196 per share Monday. The all-cash deal is valued at $26.2 billion.

Shares of LinkedIn surged 48 percent in pre-market trading after the announcement.

Jeff Weiner will stay on as CEO of LinkedIn and will report to Microsoft CEO Satya Nadella. The deal is expected to close by the end of the calendar year, CNBC reports.

"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."