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:

Intel Chips in to Make Football Helmets Safer
Five Cannes Awards for Chrysler Born of Fire
Air China’s Airport Self Check-in at More Airports
Retailers Get Final Fantasy for Xbox 360, PlayStation
Little Sun: A Work of Art that Works in Life
EPIX to Premiere the New Coldplay Tour Film
Marriott Rewards for Jackie Robinson Film
How Papa John’s Celebrates Football Games
Rihanna's New Fragrance: Rogue by Rihanna
Honda Civic Tour Ends at The Hollywood Bowl

Leave a Reply

Your email address will not be published. Required fields are marked *



HTML tags are not allowed.