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