Facebook has acquired Instagram, the popular photo-sharing application, for about $1 billion in cash and stock, the company said Monday. In a Facebook post on a profile page, the company’s chief, Mark Zuckerberg, said he planned to build Instagram independently from the social network. The move will allow users to post on other social networks, follow users not on Facebook, and to opt out of sharing on Facebook.
Pool photo by Yuriko Nakao -- Mark Zuckerberg, the chief executive of Facebook, which is expected to go public next month.
“For years, we’ve focused on building the best experience for sharing photos with your friends and family,” Mr. Zuckerberg wrote. “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.”
Here is the news release from Facebook:
“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.”