09/04/2012
Facebook announced that it has reached an agreement to acquire Instagram, a popular 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.
Facebook CEO Mark Zuckerberg shared the news of the purchase on his Facebook page, where he shares good news for Instagram users.