Facebook to buy Instagram for $1bn
Monday 09 April 2012
Facebook will spend 1 billion dollars (£629 million) to buy the photo-sharing software company Instagram.
The deal comes days after the service began offering a version for Android phones. The payment will be in cash and Facebook stock.
Facebook is expected to complete its initial public offering of stock next month.
It is Facebook's largest acquisition to date.
Instagram lets people apply filters to photos they take with their mobile devices. Some make the photos look as if they were taken in the 1970s or on Polaroid cameras.
Facebook says it will keep Instagram running independently. Users will be able to run it on rival social networks such as Twitter - a departure from Facebook's tendency to buy small start-ups and integrate the technology - or shut it down.
The deal is expected to close by the end of June.
"This is an important milestone for Facebook because it's the first time we've ever acquired a product and company with so many users," CEO Mark Zuckerberg wrote on his Facebook page. "We don't plan on doing many more of these, if any at all.
"We think the fact that Instagram is connected to other services beyond Facebook is an important part of the experience," Mr Zuckerberg wrote. "We plan on keeping features like the ability to post to other social networks, the ability to not share your Instagrams on Facebook if you want, and the ability to have followers and follow people separately from your friends on Facebook."
Facebook is hiring San Francisco-based Instagram's roughly 10 employees. The deal is expected to close by the end of June.
Getting Instagram is big win for Facebook as it works to harness people's growing obsession with their mobile devices and sharing every moment of their life.
Instagram was only available Apple devices until recently. An app for Android devices was released last week.
Life & Style blogs
The high-powered dream team trying to create a stiletto shoe as comfy as a trainer
How Old Do I Look: Microsoft’s super advanced age-guessing app is terrible at guessing how old celebrities are, too
Apple MacBook review: preposterously thin and extravagantly attractive, this is the best-designed laptop Apple has ever made
UK skin cancer statistics 'shocking' as sun-worshippers ignore the dangers of exposure
What do the emoji on Snapchat mean?
Over 50,000 families shipped out of London boroughs in the past three years due to welfare cuts and soaring rents
EU asylum policy is 'a direct threat to our civilisation', says Nigel Farage
Indonesia executions live: 'Hysterical' families heard prisoners being shot dead by firing squad
The Rothschild Libel: Why has it taken 200 years for an anti-Semitic slur that emerged from the Battle of Waterloo to be dismissed?
General Election 2015: SNP and its activists 'openly racist' towards the English, Farage says
EU exit would hit UK economy much harder than neighbouring countries, study finds
- 1 Which country would be hardest to invade?
- 2 The man who filmed the Freddie Gray video has been arrested at gunpoint
- 3 How the language you speak changes your view of the world
- 4 Royal baby girl born: Duchess of Cambridge's second child will be a princess thanks to Queen
iJobs Gadgets & Tech
£17000 - £30000 per annum: Recruitment Genius: Developer required to join a bu...
£15000 - £25000 per annum: Recruitment Genius: As your knowledge grows you wil...
£40000 - £48000 per annum + Benefits: Ashdown Group: Systems Engineer - Linux ...
£20000 - £30000 per annum: Recruitment Genius: This leading provider of Cloud ...