Facebook to Acquire Instagram for $1 Billion Dollars

Some huge news has hit the web today–Facebook has agreed to purchase popular iOS photo sharing app Instagram for $1 billion dollars. The news was announced on Instagram’s blog and by Facebook CEO Mark Zuckerberg himself.

From Instagram:

When Mike and I started Instagram nearly two years ago, we set out to change and improve the way the world communicates and shares. We’ve had an amazing time watching Instagram grow into a vibrant community of people from all around the globe. Today, we couldn’t be happier to announce that Instagram has agreed to be acquired by Facebook.

I’m excited to share the news that we’ve agreed to acquire Instagram and that their talented team will be joining Facebook.For years, we’ve focused on building the best experience for sharing photos with your friends and family. Now, we’ll be able to work even more closely with the Instagram team to also offer the best experiences for sharing beautiful mobile photos with people based on your interests.

AllThingsD is reporting the sale amount is $1 billion in cash and shares as noted in Facebook’s press release. Damn, well done Instagram.
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