Facebook agreed to acquire Instagram in 2012 for approximately $1 billion.
Facebook announced the agreement on April 9, 2012, offering a combination of cash and stock. Instagram had been founded by Kevin Systrom and Mike Krieger and launched for iOS in October 2010 before expanding to Android in April 2012.
The transaction closed on September 6, 2012. Instagram continued operating as a separate mobile service, while Facebook provided infrastructure, engineering support, and access to a much larger social network. The app later expanded from filtered square photos into video, Stories, messaging, and creator-focused features.
The original price is often described simply as $1 billion, although its final value was affected by Facebook's share price. This deal is distinct from Facebook's 2014 acquisition of WhatsApp, another major messaging and social-media transaction.