The deal bolsters the world's biggest social network
by adding the 450 million users of WhatsApp, which
will be operated independently with its own board.
It is Facebook's biggest acquisition and comes less
than two years after Mark Zuckerberg's firm raised
$16 billion in the richest tech sector public stock
offering.
The purchase includes $12 billion in Facebook shares
and $4 billion cash. It calls for an additional $3
billion in restricted stock units to be granted to
WhatsApp founders and employees that will vest
over four years.
"The acquisition supports Facebook and WhatsApp's
shared mission to bring more connectivity and utility
to the world by delivering core Internet services
efficiently and affordably," said a Facebook
statement.
Facebook reportedly sought to acquire another hot
messaging firm, Snapchat, for $3 billion last year.
"WhatsApp is on a path to connect one billion
people. The services that reach that milestone are all
incredibly valuable," said Zuckerberg, Facebook
founder and chief executive.
"I've known (WhatsApp founder) Jan (Koum) for a
long time and I'm excited to partner with him and
his team to make the world more open and
connected."
WhatsApp is a cross-platform mobile app which
allows users to exchange messages without having
to pay telecom charges.
"Almost five years ago we started WhatsApp with a
simple mission: building a cool product used globally
by everybody. Nothing else mattered to us," Koum
said in a blog post.
"Today we are announcing a partnership with
Facebook that will allow us to continue on that
simple mission.
"Doing this will give WhatsApp the flexibility to
grow and expand, while giving me, (co-founder)
Brian (Acton), and the rest of our team more time to
focus on building a communications service that's as
fast, affordable and personal as possible."
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