Facebook has just announced that it will acquire Instagram, the popular mobile photo-sharing service, for $1 billion in cash and shares. The social networking giant posted on the acquisition, its biggest yet, on its site, as well as on CEO and co-founder Mark Zuckerberg’s Timeline on Facebook.

PRESS RELEASE
MENLO PARK, CALIF.-April 9, 2012-Facebook announced today that it has reached an agreement to acquire Instagram, a fun, 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. 

POST BY Mark Zuckerberg ON FACEBOOK

INSTAGRAM BLOG POST 


Source: Facebook Newsroom and Instagram Blog
8/25/2012 03:13:10

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