Facebook has officially announced that it's finally acquired Instagram. It made an offer for the mobile app several months ago, but the $1 billion+ deal took a while to be approved. Granted, in the meantime, with Facebook share price tumbling, the deal is worth significantly less.
Either way, it's a done deal, both companies have announced the completion of the acquisition process.
What's more, Instagram used the occasion to boast about the 5 billionth photo shared via the service. That would be impressive if Facebook didn't see 300 million photo uploads each and every day.
"What makes this even more exciting is that our deal with Facebook has closed, which means we can now work together to evolve and build a better Instagram for everyone. While our team is making the short move to the Facebook offices, Instagram isn’t going anywhere," Instagram wrote
"As we said from the beginning, we are committed to building and growing Instagram independently. Instagram will continue to serve its community, and we will help Instagram continue to grow by using Facebook's strong engineering team and infrastructure," Facebook retorted