Facebook closes $715 million acquisition deal for Instagram

Facebook closes $715 million acquisition deal for InstagramAlmost in coincidence with highly-popular photo-sharing app Instagram's recent disclosure that it has hit the `5 billion photos shared' milestone, an Associated Press (AP) report revealed that social network Facebook is finally through with the $715 million acquisition of Instagram.

According to the AP report, Facebook closed the cash-plus-stock Instagram deal on Friday, August 31. Since Facebook's share price at that time was $18.06, the total value of the Instagram deal was $715.38 million.

With Facebook's Instagram acquisition now a done deal, the Instagram team will be shifted to the Facebook offices. However, the photo-sharing app has assured its users, in a recent blog post, that the acquisition by Facebook will not bring about any change in the Instagram app and its features, which would "stay the same one you know and love."

Meanwhile, noting that Instagram is by far the biggest-ever acquisition by Facebook, and the only one which the social network has promised to keep going after purchase, Mike Schroepfer - Facebook's VP of Engineering - extended a welcome to the Instagram team, as well as asserted that Instagram "will continue to serve its community."

In a statement, Schroepfer said that Facebook's strong engineering team and infrastructure will assist Instagram in its future growth; and added: "We also can't wait to work with the talented Instagram team to improve the mobile experience."