Facebook Completes $730 Million Instagram Acquisition

Facebook's acquisition of Instagram is now complete, both companies announced in separate blog posts Thursday morning. The deal was approved by the California Department of Corporations in San Francisco and the Federal Trade Commission late last month.

Facebook's Mike Schroepfer and Instagram's Kevin Systrom iterated that Instagram would continue to develop and evolve its own product post-acquistion.

"As we said from the beginning, we are committed to building and growing Instagram independently," Schroepfer, vp of engineering at Facebook wrote. "Instagram will continue to serve its community, and we will help Instagram continue to grow by using Facebook's strong engineering team and i…
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