Facebook-Instagram deal officially closes
Facebook today announced that its acquisition of Instagram is complete. The mobile photo sharing network will continue to operate under the Instagram brand, but its 16 employees will join the team in Menlo Park, Calif., and Facebook will support the app with infrastructure and engineers.
When Facebook first announced its plan to buy Instagram in April, the deal was worth $1 billion in cash and stock. A mandatory review from Federal Trade Commission delayed the closing of the deal, and with Facebook’s share price suffering since its initial public offering, that value has dropped.
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