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Publish Date : 12-Apr-2012

Facebook announced that it has taken over the photo-sharing application Instagram in a deal for $1 billion.

The transaction is subject to customary closing conditions and is estimated to be completed in later this quarter.

Facebook CEO Mark Zuckerberg stated that following the acquisition, Instagram will continue to operate as a separate service from Facebook.

Started in 2010, Instagram offers a mobile application for Android and iOS phones allowing users to edit and share photos from their phones. The app has been downloaded over 30 million times.

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