Facebook acquires Instagram in $1bn deal

Facebook is to acquire photo-sharing service Instagram in a deal worth $1bn (£629m).

The social network’s chief executive Mark Zuckerberg has pledged to keep the smartphone application running as a separate brand.

“We think the fact that Instagram is connected to other services beyond Facebook is an important part of the experience,” said Zuckerberg

“We plan on keeping features like the ability to post to other social networks, the ability to not share your Instagrams on Facebook if you want, and the ability to have followers and follow people separately from your friends on Facebook.”

Instagram debuted on iOS in 2010 as a means of editing photographs and sharing them on social networking sites. The software was named as iPhone App of the Year in 2011 by Apple. AnAndroid edition was launched last week, attracting more than one million downloads in its first day.

Zuckerberg added: “This is an important milestone for Facebook because it’s the first time we’ve ever acquired a product and company with so many users. We don’t plan on doing many more of these, if any at all.”

Facebook is understood to have paid in cash and stock for the takeover.