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:

Opportunities on Skill-Based Social Network SkillPages
Billboards Deliver Anti-Texting Safety Message
Designer Touch for Toilet Paper Roll Covers
Urgent Message: Thank You from Japan
How Soy Brings Health Benefits with Soyfoods
Titanic Love Story to Debut on Blu-ray
Nissan Altima Heads to Showrooms
How Lara Stone Shows Glamour & Sensuality
Aviation Summit to Debut Luxury Aircraft Prototype Triton
Communal Violence Increasing in India: US Report
Custom Content Services