A state regulatory agency has ruled the Facebook/Instagram deal "fair, just and equitable," and now the social network can acquire the photo-sharing app.
The California Department of Corporations signed off on the acquisition and Facebook can now start issuing its shares to Instagram, according to the Wall Street Journal. Facebook made a deal with the photo-sharing app company in April for $300 million cash and 23 million Facebook shares -- however that was several months ago. Then the deal was about $1 billion, but now falling shares have dropped the price tag to about $740 million.
The state regulatory agency.became involved because of the deal's price tag and apparently lack of any revenue for Instagram.
U.S. & World
News from around the country and around the globe