Pakistanis angry over detentions in Times Sq. case Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They
AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e
BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German
Minister seeks closure of anti-Berlusconi websites Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who
By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an
Edition:
U.S.
Africa
Arabic
Argentina
Brazil
Canada
China
France
Germany
India
Italy
Japan
Latin America
Mexico
Russia
Spain
United Kingdom
Home
Business
Business Home
Economy
Technology
Media
Small Business
Legal
Deals
Earnings
Social Pulse
Business Video
The Freeland File
Aerospace & Defense
Markets
Markets Home
U.S. Markets
European Markets
Asian Markets
Global Market Data
Indices
M&A
Stocks
Bonds
Currencies
Commodities
Futures
Funds
peHUB
World
World Home
U.S.
Brazil
China
Euro Zone
Japan
Mexico
Russia
India Insight
World Video
Reuters Investigates
Decoder
Politics
Politics Home
Election 2012
Campaign Polling
Political Punchlines
Supreme Court
Politics Video
Tech
Technology Home
MediaFile
Science
Tech Video
Tech Tonic
Social Pulse
Opinion
Breakingviews
Money
Money Home
Tax Break
Lipper Awards 2012
Global Investing
MuniLand
Unstructured Finance
Linda Stern
Mark Miller
John Wasik
James Saft
Analyst Research
Alerts
Watchlist
Portfolio
Stock Screener
Fund Screener
Personal Finance Video
Money Clip
Investing 201
Life
Health
Sports
Arts
Faithworld
Business Traveler
Entertainment
Oddly Enough
Lifestyle Video
Pictures
Pictures Home
Reuters Photographers
Video
Reuters TV
Reuters News
Article
Comments (0)
Follow Reuters
Facebook
Twitter
RSS
YouTube
Read
U.S. says surprised by Navy SEAL's book on bin Laden raid
22 Aug 2012
Tattoo infections in U.S. linked to contaminated ink
22 Aug 2012
India morning call-Global markets
22 Aug 2012
At basketball fundraiser, Obama says opponents play "dirty"
22 Aug 2012
Mars rover Curiosity aces first test drive
|
22 Aug 2012
Discussed
138
Obama’s lead over Romney grows despite voters’ pessimism
122
Romney to announce vice presidential choice Saturday
94
Analysis: Are Israelis tough enough for a long war with Iran?
Sponsored Links
Pictures
Reuters Photojournalism
Our day's top images, in-depth photo essays and offbeat slices of life. See the best of Reuters photography. See more | Photo caption
Battle for Aleppo
The battle for Syria's biggest city. Slideshow
Life in Florida
As the Republican convention heads to Tampa, a look at life in the pivotal election swing state of Florida. Slideshow
FTC clears Facebook's acquisition of Instagram
Tweet
Share this
Email
Print
Related News
FTC clears Facebook acquisition of Instagram
Wed, Aug 22 2012
Wall Street slips after S&P 500 hits four-year high
Tue, Aug 21 2012
Apple's market value exceeds Microsoft's during 1999 bubble
Tue, Aug 21 2012
Facebook director Thiel sold 20 million shares after lockup
Mon, Aug 20 2012
Facebook plumbs new lows as sales curbs start to expire
Thu, Aug 16 2012
Analysis & Opinion
The Complexities of Advertising
Facebook’s market meltdown is far from over
Related Topics
Tech »
Deals »
Global Deals Review: 2011 Q3 »
Global Deals Review: 2011 Q2 »
Global Deals Review »
Inflows Outflows »
Media »
Facebook »
A photo illustration shows the applications Facebook and Instagram on the screen of an iPhone in Zagreb April 9, 2012. Facebook announced on Monday that it will pay $1 billion in cash and stock for photo-sharing application Instagram, making its largest-ever acquisition months before the No. 1 social media website is expected to go public. The popular Instagram application, which allows users to add filters and effects to pictures taken on their smartphones, has gained about 30 million users since it first launched in January 2011.
Credit: Reuters/Antonio Bronic
By Alexei Oreskovic
SAN FRANCISCO |
Wed Aug 22, 2012 8:39pm EDT
SAN FRANCISCO (Reuters) - The U.S. Federal Trade Commission cleared Facebook Inc's acquisition of Instagram, voting unanimously to close its antitrust investigation into the deal without taking any action.
The move frees Facebook to complete its purchase of the mobile photo application maker, the biggest acquisition in its history. Facebook announced plans to buy Instagram in a cash and stock deal for $1 billion in April.
Under the terms of the deal, Facebook will acquire Instagram for $300 million in cash and roughly 23 million shares of Facebook common stock.
The deal is currently valued at $747.1 million, based on the $19.44 closing price of Facebook's shares on Wednesday.
Shares of the world's No.1 online social network have declined roughly 50 percent since the company's highly-anticipated initial public offering in May. Slowing revenue growth and a flood of insider shares that could hit the market in the coming months are among investors' key concerns.
The Instagram application, which allows users to add filters and effects to pictures taken on their smartphones, could bolster Facebook's mobile efforts -- an area that is considered something of a weak spot for the company.
The deal also ensures that the fast-growing mobile app, which said it had 80 million users in July, will not fall into the hands of a Facebook rival such as Twitter or Google Inc.
Still, the price that Facebook paid for the two-year-old company, which doesn't have any revenue, stunned analysts and investors.
Facebook said in its most recent 10Q regulatory filing that it plans to maintain Instagram's products "as independent mobile applications to enhance our photos product offerings and to enable users to increase their levels of mobile engagement and photo sharing."
Facebook did not provide a further update on the timing of the deal on Wednesday, but said it was pleased the FTC has cleared the transaction.
Facebook had initially said it expected the deal to close in the second quarter, but later changed the time frame, saying it expected the deal to close by the end of the year.
Facebook is scheduled to appear at a so-called "fairness hearing" before the California Department of Corporations on August 29.
The hearing, which provides California-based companies with an alternative to registering shares with the Securities and Exchange Commission, could expedite the transfer of Facebook shares to Instagram, potentially making it possible for the deal to close as soon as next week.
(Reporting By Alexei Oreskovic; Editing by Bernard Orr and Ryan Woo)
Tech
Deals
Global Deals Review: 2011 Q3
Global Deals Review: 2011 Q2
Global Deals Review
Inflows Outflows
Media
Facebook
Related Quotes and News
Company
Price
Related News
Tweet this
Link this
Share this
Digg this
Email
Reprints
We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/
Comments (0)
Be the first to comment on reuters.com.
Add yours using the box above.
Edition:
U.S.
Africa
Arabic
Argentina
Brazil
Canada
China
France
Germany
India
Italy
Japan
Latin America
Mexico
Russia
Spain
United Kingdom
Back to top
Reuters.com
Business
Markets
World
Politics
Technology
Opinion
Money
Pictures
Videos
Site Index
Legal
Bankruptcy Law
California Legal
New York Legal
Securities Law
Support & Contact
Support
Corrections
Connect with Reuters
Twitter
Facebook
LinkedIn
RSS
Podcast
Newsletters
Mobile
About
Privacy Policy
Terms of Use
AdChoices
Copyright
Our Flagship financial information platform incorporating Reuters Insider
An ultra-low latency infrastructure for electronic trading and data distribution
A connected approach to governance, risk and compliance
Our next generation legal research platform
Our global tax workstation
Thomsonreuters.com
About Thomson Reuters
Investor Relations
Careers
Contact Us
Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.