Facebook to acquire Instagram for $1B
Facebook has agreed to acquire mobile photo sharing application Instagram and its team for about $1 billion in cash and Facebook stock, according to a press release.
The transaction, which is subject to customary closing conditions, is expected to close later this quarter. The acquisition is likely to drive Facebook’s valuation even higher when the company goes public, as it is expected to later this spring. Instagram was previously valued at $500 million when it raised $50 million in a series B round led by Sequoia Capital that closed just before the Facebook acquisition, according to TechCrunch.
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