After a lengthy wait, Facebook can finally say it owns Instagram.
On Thursday, both companies announced that the much-talked-about acquisition had closed. The Federal Trade Commission, which had been scrutinizing and reviewing the deal since it was announced in April, approved it last month.
At one time, the cash-and-stock deal was worth $1 billion. The slide in Facebook’s stock since then means that, at Wednesday’s closing price of $18.58, the deal would be worth $727 million.
“We’re so excited to bring Instagram to Facebook and see what we can create together,” Mike Schroepfer, a vice president of engineering at Facebook, wrote on the company’s blog.
Mr. Schroepfer attempted to soothe the fears of some Instagram users that the service would change drastically or even disappear once it became part of Facebook. He said Facebook would continue to let Instagram operate independently, while tapping the team’s skills to improve Facebook’s own mobile applications.
“Instagram will continue to serve its community, and we will help Instagram continue to grow by using Facebook’s strong engineering team and infrastructure,” he said. “We also can’t wait to work with the talented Instagram team to improve the mobile experience.”
Instagram emphasized on its blog that the company would not be altering the photo app in any significant way.
“Instagram isn’t going anywhere,” the company said. “The Instagram app and its features will stay the same one you know and love, and we’ll keep working together to build a better Instagram for everyone.”
Instagram also revealed a milestone, surpassing five billion photos shared through the service.