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Facebook Closes Instagram Acquisition

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Sep 6, 2012, 10:41 AM   by Eric M. Zeman   @phonescooper

Facebook today announced that it has closed its acquisition of Instagram. The value of the deal was originally $1 billion, but has since dropped due to the decline in Facebook's stock price. A final value on the deal has not been disclosed. Facebook and Instagram both say that the existing applications for Android and iOS will not be changed, and that "a better Instagram for everyone" is in the works. Instagram lets iPhone and Android device owners take, edit, and share photos.

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