Facebook says it will spend $1 billion to buy the photo-sharing software company Instagram.
The deal comes days after the service began offering a version for Android phones. The payment will be in cash and Facebook stock. Facebook is expected to complete its initial public offering of stock next month.
In a post on Facebook, FB founder Mark Zuckerberg said, "I am excited to share the news that we've agreed to acquire Instagram and that their talented team will be joining Facebook.
For years, we've focused on building the best experience for sharing photos with your friends and family. Now, we'll be able to work even more closely with the Instagram team to also offer the best experiences for sharing beautiful mobile photos with people based on your interests.
We believe these are different experiences that complement each other. But in order to do this well, we need to be mindful about keeping and building on Instagram's strengths and features rather than just trying to integrate everything into Facebook.
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