Acquisition closed
Meta completed the acquisition of Instagram on 6 September 2012 for $1 billion.[1]
Facebook acquired Instagram, then a thirteen-person company with no revenue, for about $1 billion in cash and stock. The final consideration fell as Facebook shares declined between announcement and closing.
The Federal Trade Commission later argued this purchase and the WhatsApp acquisition were made to neutralise competitive threats, in an antitrust case seeking to unwind both.
Cleared · Phase 1
The Office of Fair Trading, whose case records the Competition and Markets Authority now holds, cleared Facebook's acquisition of Instagram unconditionally in August 2012. Competition authorities later came to regard purchases of this kind very differently, and the same transaction became central to the antitrust case brought against the company in the United States.
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