Facebook to Acquire Instagram for $1 Billion

Facebook announced today, April 9, that it has reached an agreement to acquire Instagram, a photo-sharing app for mobile devices.

The total consideration for San Francisco-based Instagram is approximately $1 billion in a combination of cash and shares of Facebook. The transaction, which is subject to customary closing conditions, is expected to close later this quarter.

[ Also Read: Why and How Companies Use Facebook ]

Mark Zuckerberg, founder and CEO of Facebook, posted about the transaction on his Timeline: “I’m excited to share the news that we’ve agreed to acquire Instagram and that their talented team will be joining Facebook.”

“This is an important milestone for Facebook because it’s the first time we’ve ever acquired a product and company with so many users,” Zuckerberg said.

Photo courtesy: Facebook

Related posts:

What are Your Thanksgiving Travel Plans?
Super Bowl to Showcase NFL Players’ Sculptures
Finally, Aflac Duck Gets its Quack Back
Help for Homeowners Facing Mortgage Trouble
The Beatles’ Yellow Submarine Feature Film
TV Host Phil Keoghan Joins Novartis for MS Awareness
LeapFrog’s Edutainment Devices for Kids
Baskin-Robbins Offers Movie Theater Popcorn
Salt Lake Comic Con Welcomes Spider-Man Creator Stan Lee
World Record for 220,000 People Chanting in India
Custom Content Services