Microsoft is to buy LinkedIn in a deal valued at $26.2 billion, it was announced today on the Microsoft blog.

The markets have already reacted to the news, with LinkedIn shares surging by 48% following the announcement.

This isn’t the first time Microsoft has shown an interest in buying LinkedIn. Before LinkedIn’s IPO in 2011,there were apparently several rounds of talks, with the last offer being worth around $2 billion.

But, for only $24 billion more, Microsoft has finally made the deal.

According to Microsoft, it’s an all-cash transaction under which LinkedIn will “retain its distinct brand, culture and independence.”

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. The transaction is expected to close this calendar year.

Microsoft points at some impressive figures around LinkedIn’s user growth:

• 19 percent growth year over year (YOY) to more than 433 million members worldwide
• 9 percent growth YOY to more than 105 million unique visiting members per month
• 49 percent growth YOY to 60 percent mobile usage
• 34 percent growth YOY to more than 45 billion quarterly member page views
• 101 percent growth YOY to more than 7 million active job listings

Here’s Jeff Weiner’s take on the deal. Microsoft CEO Satya Nadella and LinkedIn CEO Jeff Weiner discuss the deal in this video: