Getting Facebook a step ahead in the deal, FTC said its commission held a unanimous voting of 5-0 to close the investigation and let the deal move on.
The news was brought forward in a press release by the commission.
Facebook seemed to be pleased by the FTC decision. The social networking site had bought Instagram for $1 billion in cash and company shares in April, a month before going public.
However, Facebook’s shares fell, which put the final deal today at $747 million.
Since photos are a key part of Facebook’s social network, it is believed that technology of Instagram would help the latter improve users’ mobile experience.
Following the announcement of acquisition, Facebook even released “Facebook Camera”, its own photo-sharing app.
Launched in 2010, the photo-sharing app, Instagram, has more than 80 million registered users. The app is also available for Android and iOS devices.
Mark Zuckerberg, Chief Executive, Facebook said in April that the firm had no plans on “doing many more of these” high-profile acquisitions of companies, which has a wide user base.
He also said that currently Instagram users could anticipate connecting with social networking service competitors such as Tumblr and Twitter. Zuckerberg also said that Facebook would not just try to integrate everything into the social networking site.
Instagram made some innovative integration into its Instargram 3.0., adding a geolocation feature, which indicates that the service is continuing to evolve.
The deal between the two companies has already been approved by the Office of Fair Trading in Britain.
Facebook hoped to close the deal in the second quarter of the year, but awaiting clearance, the firm told potential investors ahead of its May 18 initial public offering that it expects to finalize the transactions by the end of 2012.… Read the rest