Facebook’s Instagram Deal Cleared by U.K. Antitrust Regulator
Facebook Inc. (FB), the world’s biggest social-networking company, was cleared by Britain’s Office of Fair Trading to complete its proposed $1 billion purchase of the mobile photo-sharing application company Instagram.
The watchdog decided not to refer the deal to the U.K. Competition Commission, where it would have been subjected to a full investigation, the OFT said in a statement on its website today. Facebook said in April it would buy the 2-year-old startup to lure users of mobile devices.
U.S. regulators haven’t made a decision on the proposed deal.
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