The second $B deal of the day (along with Microsoft/AOL)
“Facebook, the world’s largest social network, said it had agreed to buy Instagram, the popular mobile-centric photo-sharing network, for $1 billion in cash and stock. Mark Zuckerberg, chief executive of Facebook, announced the acquisition on his Facebook page.
“For years, we’ve focused on building the best experience for sharing photos with your friends and family,” he wrote. “Now, we’ll be able to work even more closely with the Instagram team to also offer the best experiences for sharing beautiful mobile photos with people based on your interests.””