Facebook wraps up $1bn Instagram acquisition

Facebook has completed its acquisition and integration of imaging firm Instagram.

The company on Thursday confirmed that it has finalised the $1bn deal for the photo-sharing and social networking company.

"So many of us at Facebook love using Instagram to share moments with our friends," Facebook vice president of engineering Mike Schroepfer said.

"And for so many people, sharing photos with friends is an important part of the Facebook experience. That's why we’re so excited to bring Instagram to Facebook and see what we can create together."

The closing of the deal was a formality following government approval of the deal. Both the OFT and the US Federal Trade Commission signed off on the acquisition last month.

Prior to the agencies' approval, however, there had been some doubt within the industry that the deal would be quickly completed. Shortly after news of the acquisition was released last March, analyst reports suggested that the deal could take a year or more to finalise.

The deal, which was reportedly negotiated mainly by Facebook chief executive Mark Zuckerberg, was announced shortly before Facebook undertook its ill-fated IPO. Since the company went public, its stock has fallen by roughly 50 per cent despite efforts by executives to reassure investors.