The U.S. Federal Trade Commission (FTC) has given Facebook the go-ahead to complete the company’s acquisition of Instagram. This follows clearance being given by the U.K. Office of Fair Trading a little over a week ago.
A spokesman for the FTC said during the announcement that Facebook has no antitrust reviews pending before the organisation. The decision to approve the transaction was taken through a unanimous vote, with Facebook saying in a statement “We are pleased that the Federal Trade Commission has cleared the transaction after its careful and thorough review.”
Facebook initially announced that it would be buying Instagram for $1 billion, saying later in a regulatory filing for Instagram would be purchased for $300 million in cash, with the remainder being made up of around 23 million shares in the social network’s common stock.
Source: PC World