Facebook to acquire Instagram for around $1 billion

It wasn't too long ago that Instagram released an Android version which was very warmly welcome by the Android community. It was so popular in fact that it crossed 1 million downloads in just one day. But it looks like Instagram will continue to stay in the spotlight as Facebook has announced that they will be acquiring Instagram for a whopping $1 billion.

The $1 billion payment which will be made up of case and Facebook shares is still pending and is subject to approval before it goes through sometime later this quarter.

Mark Zuckerberg, Facebook’s CEO had the following to say regarding the acquirement on his Facebook Timeline.

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. We don't plan on doing many more of these, if any at all. But providing the best photo sharing experience is one reason why so many people love Facebook and we knew it would be worth bringing these two companies together.

We're looking forward to working with the Instagram team and to all of the great new experiences we're going to be able to build together.

What are your thoughts on Facebook’s purchase of Instagram? Share your thought in the comments section which follows.

source - Facebook