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FTC closes investigation on Instagram-Facebook merger

August 23, 2012 - Los Angeles

Facebook has been given the go head for takeover of the popular photo-sharing app Instagram by the US Federal Trade Commission.

In a statement, the FTC said, "The Federal Trade Commission has closed its nonpublic investigation of Facebook's proposed acquisition of Instagram, Inc., without taking any action. Accordingly, the deal may now proceed as proposed. The Commission vote to close the investigation was 5-0."

Now that FTC has closed the non-public investigation on the acquisition, Facebook can close the transaction very soon. Social networking site Facebook has announced in April that they would buy Instagram in a deal that is worth around $1 billion. The exact purchase price was $300 million in cash and 23 million shares of Facebook stock.

Instagram was launched in October 2010 and has currently around 80 million registered users. The app was supported on iPhone, iPad, IPad Touch and Android camera phones. The app is available for download on iTunes App Store and Google Play.

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