Even though it's planning to launch its IPO later this year, that isn't stopping Facebook from making a truly monster deal. Today the company announced it would be acquiring Instagram, the company behind the popular photo editing and sharing app for iOS and Android devices, for a huge $1 billion price tag. The acquisition will be a combination of cash and Facebook stock and will officially close by the end of the second quarter.
Instagram launched on October 2010 for the iOS platform. The Android version was launched just last week. Instagram says it now has about 30 million registered users.
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