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:


Debi Nova Reveals Secrets of Flaunting Sexy Skin
Never Say Never on the Valentine’s Day
Zippo and Jeep Show on Velocity Channel
Android Radio Content via Satellite and Internet
Wolf Trap to Premiere Face of America
Hyundai to Go with Velocity at Sema Show
American Airlines Offers Private Check-In at JFK
Kendall Jenner Rocks with Tattoo Junkee Body Art
President George W. Bush to Sign a Portrait of My Father
Top Nine Natural & Organic Food Trends Revealed
Custom Content Services