ExitRecord

Acquisition

Instagram and Facebook (now Meta Platforms): the deal on record

Facebook announced in April 2012 that it would acquire the photo sharing app Instagram for approximately USD 1 billion in cash and shares. The FTC closed its review without action in August 2012 and Facebook completed the deal that month, recording a total purchase price of USD 521 million at closing because the value of its shares had changed. The deal was later one of two acquisitions challenged in the FTC monopolization case against Meta, which a federal judge decided for Meta in November 2025.1,2,3,5

Value as reportedapproximately USD 1 billion in a combination of cash and shares1
Announced9 April 2012
CompletedAugust 2012
SectorSocial media, photo sharing

Timeline

  1. Facebook announces an agreement to acquire Instagram.1
  2. The FTC votes 5 to 0 to close its investigation without action.2
  3. Facebook completes the acquisition for a total purchase price of USD 521 million, including USD 300 million in cash, according to its quarterly report.3
  4. The FTC sues Facebook for monopolization, alleging the Instagram purchase neutralized a competitive threat, and seeks possible divestiture.4
  5. US District Judge James Boasberg rules the FTC did not show Meta holds a monopoly, so Meta is not required to spin off Instagram.5
  6. The FTC announces that it will appeal and files a notice of appeal to the US Court of Appeals for the D.C. Circuit, according to the Associated Press and AFP.6,7
  7. Amicus briefs begin to be filed in the appeal, FTC v. Meta Platforms, Inc., No. 26-5028, with a group of economics professors supporting reversal. The Washington Legal Foundation filed a brief supporting Meta on 27 August 2026.8,9

Regulatory review

  1. US Federal Trade Commission. Investigation closed without enforcement action.2
  2. US District Court for the District of Columbia. Ruled for Meta in the FTC monopolization case. The FTC filed a notice of appeal to the D.C. Circuit in January 2026.5,6,7

Status now

Operates as part of Meta Platforms. A federal judge ruled for Meta in the FTC monopolization case on 18 November 2025. The FTC filed a notice of appeal to the US Court of Appeals for the D.C. Circuit in January 2026 (No. 26-5028). Amicus briefs were filed in May and August 2026, and no appellate decision had been found as of 28 October 2026.5,6,7,8,9

Sources

  1. Meta Newsroom, Facebook to Acquire Instagram (9 April 2012)
  2. US Federal Trade Commission, FTC Closes Its Investigation Into Facebook's Proposed Acquisition of Instagram Photo Sharing Program (22 August 2012)
  3. US Securities and Exchange Commission (EDGAR), Facebook Inc. Form 10-Q for the quarter ended 30 September 2012 (24 October 2012)
  4. US Federal Trade Commission, FTC Sues Facebook for Illegal Monopolization (9 December 2020)
  5. NPR (via WFAE), Judge sides with Meta in antitrust trial, will not spin off WhatsApp and Instagram (18 November 2025)
  6. Associated Press (via Star Tribune), FTC says it will appeal Meta antitrust decision (21 January 2026)
  7. AFP (via Space Daily), US regulator appeals Meta's court victory in monopoly case (20 January 2026)
  8. US Court of Appeals for the D.C. Circuit filing (copy hosted by an amicus), Brief for Amici Curiae Professors of Economics in Support of Reversal, FTC v. Meta Platforms, Inc., No. 26-5028 (D.C. Cir.) (29 May 2026)
  9. Washington Legal Foundation, FTC v. Meta (amicus brief case page) (27 August 2026)