Facebook finalises Instagram purchase

Agencies : London, Fri Sep 07 2012, 12:37 hrs

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Social networking giant Facebook has finalised the purchase of Instagram, the popular photo-sharing website's founder has said.

Facebook bid one billion dollars for Instagram in April, and was given the green light for the deal from US regulators at the end of August.

But after the sharp fall in Facebook stocks, the cash plus share offer ended up being worth nearer $700 million.

The social networking site's shares launched at $38 each, but closed on Thursday at 19 dollars.

According to the BBC, Facebook offered $300 million in cash and 23 million of its shares.

Instagram founder Kevin Systrom announced the deal on his Facebook page.

"Very excited to announce that we're now officially joining the Facebook family," Systrom wrote.

"I'm psyched for the next chapter of this long journey," he added.

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