Facebook buying Instagram for $1B

April 09, 2012 12:24 PM

MENLO PARK, Calif. (AP) — Facebook says it will spend $1 billion to buy the photo-sharing software company Instagram.

The deal comes days after the service began offering a version for Android phones. The payment will be in cash and Facebook stock. Facebook is expected to complete its initial public offering of stock next month.

Facebook buying Instagram for $1B | instagram, menlo, park - Brownsville Herald