Facebook Closes Its Acquisition of Instagram

Facebook and Instagram announced that the much-talked-about acquisition had closed. The Federal Trade Commission, which had been scrutinizing and reviewing the deal since it was announced in April, approved it last month. At one time, the cash-and-stock deal was worth $1 billion. Although the deal’s closure was made public, Facebook said that the deal closed a few days earlier, on August 31. Facebook’s stock on the day it closed was $18.06, which means the deal would be worth $715 million. Instagram also revealed a milestone, surpassing five billion photos shared through the service.