Facebook's $1B Instagram Buy To Net Trendy Photo Tech

Law360, New York (April 9, 2012, 5:34 PM EDT) -- Facebook Inc. said Monday it would pay about $1 billion in cash and stock for the trendy photo-sharing application Instagram, using its biggest purchase yet to snap up key mobile technology, stay ahead of upstart rival Pinterest and convince investors it's worth the $100 billion initial public offering it's aiming for.

Instagram, which lets smartphone users edit and share photos, has quickly become one of the most popular apps for the iPhone, with more than 30 million downloads. The startup released a version for Google Inc.'s...
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