According to Reuters, the U.S. Federal Trade Commission approved Facebook’s deal with the mobile juggernaut Instagram yesterday by unanimously voting to take no action and to close its investigation. You might remember back in April that Facebook announced the acquisition at the price of $1 billion in cash and stock. But with its share price down to $19.44 from the $30 at the time of the announcement, the value of the deal dropped to $747.1 million.
Even with the $250 million drop, it doesn’t seem that Instagram was phased, and launched a redesign without Facebook’s assistance. Facebook has also upgraded their photo capabilities by launching a stand alone camera app.
At the time of the announcement, it seemed the deal was a genius move by Facebook because Instagram’s team created a product that could challenge Facebook’s mobile endeavors. Months later, it now seems to be less about that and more about gaining the products 80+ million users, which is still a great move, and Facebook’s adept sales team will have a mobile titan to work with.
Written by: Francis Santos, editor of GeekPeeks.com
Image from JUSTJARED.com