Printed from http://www.electronista.com

Facebook finalizes purchase of Instagram, 5B photos shared

updated 05:00 pm EDT, Thu September 6, 2012

Deal completed after regulatory approval

The purchase of Instagram by Facebook has finally completed. The deal, initially worth $1 billion but now slightly devalued, sees staff from Instagram moving into Facebook's offices, with Facebook VP of Engineering Mike Schroepfer claiming the company is "committed to building and growing Instagram independently."

The deal endured a significant amount of scrutiny from regulatory bodies the Federal Trade Commission and the UK's Office of Fair Trading, who closed both their respective investigations and allowing the purchase to go through. The finalization comes at the same time as Instagram passing the 5 billion photo barrier, an average of 62 images being taken for its reported 80 million users.

Although the initial deal was worth $1 billion, it is believed that it is now $736.5 million, based on the $300 million in cash and 23 million in Facebook shares used for the purchase. [via TechCrunch]



By Electronista Staff
Post tools:

TAGS :

toggle

Comments

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

Sponsor

Recent Reviews

Patriot Supersonic Rage XT 128GB USB drive

USB thumb drives are getting larger by the day, their growth speeding along with the availability and expansion of memory chips. But h ...

Crucial MX100 256GB SATA-3 SSD

While the price-per-gigabyte ratio for magnetic platter-based hard drives can't be beat, the speed that a SSD brings to the table for ...

Narrative Clip

With the advent of social media technology, people have been searching for new ways to share the events of their daily lives -- be it ...

Sponsor

toggle

Most Commented

 
toggle

Popular News