The transaction, which is still subject to customary closing conditions, and is expected to close later this quarter, amounts to approximately $1bn in cash and shares.
Commenting on the acquisition, Zuckerberg said: “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”, he added.
Instagram’s team will be joining Facebook. The social network will build and grow Instagram independently and plan on keeping features like the ability to post to other social networks, the ability to not share Instagrams on Facebook if the user wants, and the ability to have followers and follow people separately from friends on Facebook.
According to Zuckerberg, Facebook will also try to learn from Instagram’s experience to build similar features into their other products.
Read the press release:
Facebook to Acquire Instagram