Microsoft has agreed a price of $26.2 billion (£18.5 billion) to purchase social network LinkedIn in an all-cash transaction, which equates to a cost of $196 per share.

Current chief executive of LinkedIn Jeff Weiner will stay in his role, reporting to chief executive of Microsoft Satya Nadella.

The deal has not yet been confirmed, but it’s expected that the LinkedIn board will approve it by the end of the year. “The LinkedIn team has grown a fantastic business centered on connecting the world’s professionals. Together we can accelerate the growth of LinkedIn, as well as Microsoft Office 365 and Dynamics as we seek to empower every person and organisation on the planet,” Nadella said in a statement.

This move will mean that Microsoft will have access to the rich data of LinkedIn’s 433 million members, in addition to the social network’s learning platform, Lynda, which was purchased last year.