With its initial public offering looming, Facebook is bulking up. The social media giant announced Monday that it is buying photo-sharing site Instagram in a cash-and-stock deal valued at $1 billion-the eight-year-old company’s largest acquisition to date.
Facebook filed for a $5 billion initial public offering in early February, tentatively scheduling its shares to begin trading in May. The IPO is likely to be the largest debut of an Internet company ever, and is expected to eclipse Google’s $1.9 billion public listing in 2004 and Netscape’s $2 billion offering a decade before that.
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