It’s official: Photo-sharing application Instagram is now a Facebook entity. The Federal Trade Commission announced Wednesday that it has ended its investigation into the deal and given its blessing to go forward. The acquisition was first valued at $1 billion, but due to Facebook’s tumbling stock value, it’s now worth somewhere around $735 million.
Here’s the announcement, straight from the FTC:
The Federal Trade Commission has closed its nonpublic investigation of Facebook’s proposed acquisition of Instagram without taking any action. Accordingly, the deal may now proceed as proposed.
A Facebook spokesperson commented on the news in an email to AllFacebook:
We are pleased that the Federal Trade Commission has cleared the transaction after its careful and thorough review.
The vote to end the investigation was unanimous, according to the FTC. Just because there was an investigation doesn’t mean there was anything fishy. As noted by sister site Inside Facebook, the FTC regularly looks into acquisitions that are valued at more than $66 million. After clearing hurdles in Great Britain, Facebook and Instagram were waiting for U.S. approval before both sides could breathe a sigh of relief.
According to sister site AppData, Instagram is the world’s sixth-most-popular app, with 28 million monthly active users and 10 million daily active users. Instagram announced last month that since its inception, it has gained more than 80 million registered users, sharing roughly 4 billion photos.
When Facebook announced plans to purchase Instagram in April, the deal included about $300 million in cash and nearly 23 million shares of Facebook common stock. Since the social network’s stock has fallen precipitously, the value of the deal has declined, as well.
Readers: What do you think Facebook will do now that it officially owns Instagram?