Facebook to Acquire Instagram 1 billion

Facebook today announced that it has agreed to purchase popular photo-sharing service Instagram for approximately $1 billion in cash and stock. Facebook CEO Mark Zuckerberg said that the company will add Instragram's team to its own, though the service will continue to operate independently from Facebook. Instragram has been available to the Apple iPhone for some time, but only recently became available to Android smartphones. The deal is expected to close later this quarter pending customary closing conditions.