Facebook has announced the purchase of Instagram back in April, for $1 billion. Instagram unofficially asked for $2 billion.
However, as in the meantime, the price of Facebook shares fell, and Facebook has agreed with Instagram to 23 million shares and $ 300 million in cash, it turns out that Facebook will eventually pay about $700 million, reports the BBC.
Kevin Systrom, founder of Instagram, announced yesterday that he was very excited to officially become part of the Facebook family.
"I'm excited about the new section is in this journey," he wrote.
Instagram was launched in 2010, first as an application only for iOS, and now has over 50 million users.