Facebook’s (NASDAQ:FB) deal to acquire Instagram is nearly complete. That is, the U.S. Federal Trade Commission (FTC) voted five to zero that there were no antitrust issues. Just a week ago, the U.K. Office of Fair Trading also cleared the transaction.
Back in April, Facebook announced the proposed acquisition of Instagram, a photo-sharing service for Apple’s (NASDAQ:AAPL) iOS and Google’s (NASDAQ:GOOG) Android. The price tag — which included stock and $300 million in cash — was $1 billion. Now, after the plunge in Facebook’s stock price, the valuation is about $747 million.
Despite this, Instagram has continued its strong momentum. There are now over 80 million registered users who have shared about 4 billion photos.
As for Facebook, its mobile efforts have remained lackluster — its core apps are somewhat clunky — so the Instagram team should be a big help.