Facebook buys Instagram for $1 billion

AFP FILE PHOTO

SAN FRANCISCO—Facebook announced Monday that it had reached an agreement to acquire Instagram, describing it as “a fun, popular photo-sharing app for mobile devices,” for $1 billion in cash and shares.

“For years, we’ve focused on building the best experience for sharing photos with your friends and family,” Facebook founder and chief Mark Zuckerberg said. “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.”