FTC Approves Facebook's Instagram Acquisition
The U.S. Federal Trade Commission has completed its review of Facebook's proposed acquisition of Instagram and will allow the deal to move forward. Facebook announced plans to buy Instagram for $1 billion in April in a deal that includes $300 million in cash and additional stock purchases. According to Facebook, it will continue to allow Instagram to operate as an independent mobile application. It believes the acquisition will improve its photo product offerings and increase photo sharing amongst users of Facebook.