The Federal Trade Commission announced Wednesday that it had completed its investigation of Facebook's purchase of photo-sharing app Instagram -- but the government played coy about whether it would approve the deal.
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"It now appears that no further action is warranted by the Commission at this time," the FTC's acting secretary April Tabor wrote both companies on Wednesday. "Accordingly, the investigation has been closed ... [but] the Commission reserves the right to take such further action as the public interest may require."
In FTC-speak, however, that pretty much means Facebook can expect approval for its purchase any day now. The Commission's vote to close the investigation was unanimous, 5-0.
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Facebook offered what was then roughly a billion dollars for the fast-growing photo app back in April, just 17 months after Instagram was founded. Since the deal was largely rooted in Facebook stock, though, and that stock has been declining rapidly, the cost of the deal is now closer to $700 million.
On his first earnings call last month, Facebook founder Mark Zuckerberg wouldn't talk about the company's plans for Instagram, largely because the deal hadn't closed yet. We're looking forward to what he has to say about it on the next call.
At the very least, we're sure he's breathing a sigh of relief. If the deal fails to close for any reason, according to the contract, Facebook will owe Instagram a cool $200 million.
This story originally published on Mashable here.
- Social & Online Media
- Federal Trade Commission