California Gives Thumbs-Up To Facebook/Instagram Deal
The long-awaited acquisition of Instagram by Facebook cleared another major hurdle on Wednesday. The California Department of Corporations approved the social network's request to issue stock following the purchase of the popular photo-sharing application. While the deal has yet to officially close, it is almost a done deal.
The long-awaited acquisition of Instagram by Facebook cleared another major hurdle on Wednesday. The California Department of Corporations approved the social network’s request to issue stock following the purchase of the popular photo-sharing application. While the deal has yet to officially close, it is almost a done deal.
The Wall Street Journal reported Wednesday that the deal was approved by the California Department of Corporations, who declared that the deal was fair.
Last week, the Federal Trade Commission gave the acquisition its blessing, largely clearing the way for the purchase to go through.
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