SOCIAL NETWORK Facebook has completed its acquisition of Instagram.
Facebook announced its plans to acquire Instagram back in April, and today, two weeks after the deal was cleared by the US Federal Trade Commission (FTC), it announced that the $1bn buyout is a done deal.
In a blog post, Facebook reaffirmed that it will keep Instagram completely separate from its business, good news for hipsters across the globe.
The social network said, "As we said from the beginning, we are committed to building and growing Instagram independently.
"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."
Instagram also applauded the deal in a blog post, as well as announcing that its mobile app has now passed the five billion photo milestone.
It said, "This is an exciting time for us - the community continues to grow and over 5 billion photos have now been shared through Instagram.
"What makes this more exciting is that our deal with Facebook has closed, which 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 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." µ