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Facebook to acquire Instagram

Facebook is to buy Instagram for $1bn.

10 April 2012

Business negotiations have resulted in Facebook purchasing photo-sharing app brand Instagram for shares and cash worth a total of approximately $1 billion (£628.26 million).

The acquisition is expected to be concluded at some point this quarter and is subject to closing conditions.

Writing on his Facebook timeline, founder and chief executive officer of the networking site Mark Zuckerberg said his enterprise is "committed to building and growing Instagram independently".

Millions of people in countries all over the world use the app and Facebook will ensure they can still utilise it to publish images to other social media pages, he added.

This is the first time Facebook has bought another organisation and product with so many users, the representative pointed out.

In a blog post, chief executive officer of Instagram Kevin Systrom said the company is "psyched to be joining Facebook".

He said the firm will continue to update the product and enhance the mobile photography experience, adding: "Instagram is not going away".

Posted by Ken Hayes

Source: Facebook press release, April 9th

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