Office of Fair Trading approves purchase but Facebook awaits decision from US Federal Trade Commission
Facebook is one step closer to spending $1bn (£637m) on fancy-snapping app Instagram, after the UK's Office of Fair Trading (OFT) gave it the go-ahead.
The OFT had stepped in over concerns that Facebook would have too much control over photo sharing were it to own Instagram. But it has now decided not to refer the merger to the Competition Commission after deciding it won't create a dominant market position.
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Facebook still needs to get the thumbs-up from the US Federal Trade Commission, which is yet to be satisfied by the deal. The scale of the acquisition is one of the key stumbling blocks, with Instagram having more than 30 million users worldwide.
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