|10-08-2014, 01:48 PM||#1|
Facebook finalizes its acquisition of WhatsApp
Facebook finalized its purchase of the biggest independent mobile-messaging service WhatsApp for $22 billion (£13.7 billion) in cash and stock.
This deal was against all odds and was opposed by many in the telecom industry yet was approved by the European Union regulators last Friday.
The EU regulators gave the deal a green light after it agreed that the two firms were "not close competitors" given consumers on a worldwide scale will continue to have a variety of communications apps.
So far this is Facebook`s biggest ever acquisition to expand and strengthen its connectivity and e-communication competitive advantages.
Similar to the instagram purchase, Facebook will keep WhatsApp a separate service. Instagram service was acquired by Facebook in April 2012 for approximately US$1 billion in cash and stock.
“The acquisition supports Facebook and WhatsApp`s shared mission to bring more connectivity and utility to the world by delivering core internet services efficiently and affordably,” the social network added.
Facebook CEO Mark Zuckerberg believes that this deal has put WhatsApp on path to reach a billion users. The service has already more than 450 million monthly active users.
"The combination of WhatsApp and Facebook will allow us to connect many more people round the world," Zuckerberg said. "We want to develop more mobile experiences like Instagram and Messenger."
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