"So many of us at Facebook love using Instagram to share moments with our friends. And for so many people, sharing photos with friends is an important part of the Facebook experience. That’s why we’re so excited to bring Instagram to Facebook and see what we can create together," Mike Schoepfer, VP of engineering at Facebook, said in the note. Instagram, posted a reassuring BRB message on its blog: "While our team is making the short move to the Facebook offices, Instagram isn’t going anywhere. The Instagram app and its features will stay the same one you know and love, and we’ll keep working together to build a better Instagram for everyone." Instagram has been seeing a steady growth in visitors these past few months.
It's been a few months since Facebook first announced the acquisition. Both companies have since been seeking the blessings of various regulatory bodies to finish deal. The $1 billion acquisition was to be paid in two parts: with $300 million in cash, and the rest in 23 million Facebook shares. Two weeks ago, the FTC gave its go-ahead. And last week the California Department of Corporation gave Facebook the green light to its stock to complete the purchase. The stock value may have slipped a bit since then--the New York Times estimates it is now $730 million per Facebook's current stock price--but hey, at least it's finally official.
To keep up with news through the day, visit our Fast Feed page.