Facebook Inc. (FB), the world’s biggest social-networking service, agreed to buy the Instagram mobile photo-sharing application for about $1 billion in cash and stock, its biggest acquisition yet.
The transaction is expected to close later this quarter, Menlo Park, California-based Facebook said today in a statement on its site. The company plans to let Instagram remain independent from Facebook.
We need to be mindful about keeping and building on Instagram’s strengths and features rather than just trying to integrate everything into Facebook,” Facebook Chief Executive Officer Mark Zuckerberg said in a posting on his page. “That’s why we’re committed to building and growing Instagram independently. Millions of people around the world love the Instagram app and the brand associated with it, and our goal is to help spread this app and brand to even more people.”
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