Microsoft missed the mobile wave. Now Satya Nadella says he’s going to spend a ton of money to help it keep up in the services business.

Huge news today in the world of M&A in enterprise and social networking services:Technology titan Microsoft announced on Monday that it is acquiring professional networking site LinkedIn for an agreed sum of $26.2 billion.

LinkedIn Chief Executive Jeff Weiner will continue at the helm of the company, but will now report into Microsoft CEO Satya Nadella, according to a press release. LinkedIn will reportedly keep its “distinct brand, culture and independence.”

The agreement has been endorsed by the boards of both companies, and the deal is expected to close by the end of 2016.

“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,” said Nadella in a statement.

“Just as we have changed the way the world connects to opportunity, this relationship with Microsoft, and the combination of their cloud and LinkedIn’s network, now gives us a chance to also change the way the world works,” added Weiner.

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