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Facebook to Acquire Instagram

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Apr 9, 2012, 12:08 PM by Eric M. Zeman
updated Apr 9, 2012, 12:10 PM

Facebook today announced that it has agreed to purchase popular photo-sharing service Instagram for approximately $1 billion in cash and stock. Facebook CEO Mark Zuckerberg said that the company will add Instragram's team to its own, though the service will continue to operate independently from Facebook. Zuckerberg also said that it will use Instagram's services to supplement and enhance its own photo-sharing services, to which it assigns a great deal of importance. "We're committed to building and growing Instagram independently. Millions of people around the world love the Instagram app and the brand associated with it, and our goal is to help spread this app and brand to even more people." Instragram has been available to the Apple iPhone for some time, but only recently became available to Android smartphones. The deal is expected to close later this quarter pending customary closing conditions.

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