Facebook, the biggest social-networking service, is buying the Instagram mobile photo-sharing application for about $1 billion in cash and stock, using its biggest acquisition yet to attract users of mobile devices.
Instagram, owned by San Francisco-based Burbn, was valued at $500 million after raising about $60 million last week from investors including Sequoia Capital, according to people with knowledge of the funding who asked not to be identified because the matter is private. The transaction is expected to close this quarter, Menlo Park, Calif.-based Facebook said Monday.
Instagram, the most popular free photo-sharing application on Apple’s App Store, boasts more than 30 million users. Owning it may help Facebook in its effort to attract handset users and advertisers who target them, said Rebecca Lieb, an analyst at Altimeter Group.
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