Green light set to buy Facebook Instagram

Green light is on the limelight again by registering firm interest in acquiring the latest services of Instagram.

The news came after the Federal Trade Commission of the United States (FTC) has closed the investigation into the proposed acquisition of Facebook. The agency believes that the social network bid
to acquire the photo application does not violate U.S. antitrust laws.

Mark Zuckerberg’s company may enter into a transaction announced last April, a month before its IPO.

"We are pleased that the FTC has authorized," said the company, which expects to close the deal before year end. 

Facebook offered one billion dollars (765 million Euros) for Instagram, 300 million in cash and approximately 23 million shares of the social network, whose value has plummeted since its IPO.

The popular photo-sharing application through mobile devices, created by Kevin Systrom, which started off with the 40 million customers who took 3500 pictures every minute has increased to 80 million by now.

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Posted by Farasat Ali on Aug 23 2012. Filed under Sci-Tech. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry