Facebook announced on Monday that it has agreed to purchase Instagram, the maker of the popular photo sharing service for iPhone, for $1 billion.
Facebook will acquire the San Francisco-based company for a combination of cash and shares in Facebook totaling $1 billion. The transaction is expected to close this quarter.
In a statement, Facebook CEO Mark Zuckerberg said he is committed to building and growing Instagram independently, meaning it will not be tied into Facebook’s existing social networking website.
“We think the fact that Instagram is connected to other services beyond Facebook is an important part of the experience,” Zuckerberg said. “We plan on keeping features like the ability to post to other social networks, the ability to not share your Instagrams on Facebook if you want, and the ability to have followers and follow people separately from your friends on Facebook.”
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