Microsoft will buy LinkedIn for around €23.5 billion.

LinkedIn, which boasts more than 430 million users worldwide, allows people to network with fellow professionals, upload their CVs and apply for jobs.

LinkedIn's chief exec Jeff Weiner will stay on in his role and will report to Satya Nadella, the Microsoft boss.

The social network's shares soared by 49% on news of the acquisition, which is set to be completed by the end of the year.

In a joint statement, both companies said they expected the deal to close this year.