In 2012, which company paid $1 billion for the photo-sharing services Instagram?

Instagram is a mobile, desktop, and Internet-based photo-sharing application and service that allows users to share pictures and videos either publicly, or privately to pre-approved followers. It was created by Kevin Systrom and Mike Krieger, and launched in October 2010 as a free mobile app exclusively for the iOS operating system. A version for Android devices was released two years later, in April 2012, followed by a feature-limited website interface in November 2012, and apps for Windows 10 Mobile and Windows 10 in April 2016 and October 2016 respectively.

In March 2012, The Wall Street Journal reported that Instagram was raising a new round of financing that would value the company at $500 million, details that were confirmed the following month, when Instagram raised $50 million from venture capitalists with a $500 million valuation. The same month, Facebook bought Instagram for $1 billion in cash and stock, with a plan to keep the company independently managed. Britain's Office of Fair Trading approved the deal on August 14, 2012, and on August 22, 2012, the Federal Trade Commission in the U.S. closed its investigation, allowing the deal to proceed. On September 6, 2012, the deal between Instagram and Facebook was officially closed.