Facebook closes purchase of Instagram

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"As we said from the beginning, we are committed to building and growing Instagram independently," Mike Schroepfer, Facebook's vice president of engineering, wrote in a blog post. "Instagram will continue to serve its community, and we will help Instagram continue to grow by using Facebook's strong engineering team and infrastructure. We also can’t wait to work with the talented Instagram team to improve the mobile experience."

In its own post, Instagram said the merger "means we can now work together to evolve and build a better Instagram for everyone."

"While our team is making the short move to the Facebook offices, Instagram isn’t going anywhere," the company wrote.

The deal was originally valued at $1 billion, but Facebook provided much of the payment in stock. Because the value of Facebook's stock has plummeted in the months since it went public, the deal is now worth about $735 million.

Instagram, which is available for iPhone and Android, launched in late 2010 and now has about 80 million users who have shared nearly 4 billion photos.