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.
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.
For years, we've focused on building the best experience for sharing photos with your friends and family. Now, we'll be able to work even more closely with the Instagram team to also offer the best experiences for sharing beautiful mobile photos with people based on your interests. see more from Mark Zuckerberg himself
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