Deals
Facebook Gets Second Instagram Information Request From FTC
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Facebook Inc. said it received a so-called “second request” from the U.S. Federal Trade Commission for information about the proposed purchase of Instagram Inc., extending the time the agency can take to review the transaction.
Facebook last month offered to buy the photo-sharing site for $300 million in cash plus about 23 million shares of common stock, a deal valued at $1 billion when it was announced. Under antitrust law, regulators must issue the second request to companies that have proposed to merge when the agency reviewing a particular transaction decides it needs more than 30 days to make a decision about whether or not to approve the deal.