Facebook, the company bought messaging app WhatsApp in a deal worth a total of $19 billion (£11.4 billion) in cash and shares.
The app’s founders and employees will get about $3 billion of the shares as restricted stock that will vest over four years after the deal closes.
This is one of the single most largest acquisition by Facebook after it’s 10 year history mark.
WhatsApp Messenger is a proprietary, cross-platform instant messaging subscription service for smartphones. In addition to text messaging, users can send each other images, video, and audio media messages as well as their location using integrated mapping features
WhatsApp has more than 450 million monthly users. The app has more than 1 million new registered users daily.
“WhatsApp is on a path to connect one billion people. The services that reach that milestone are all incredibly valuable,” Facebook CEO Mark Zuckerberg said.
“But WhatsApp is a very important and valuable worldwide communication network.
“In fact, WhatsApp is the only widely used app we’ve ever seen that has more engagement and a higher percent of people using it daily than Facebook itself.”