The social network said it will pay $4 billion in cash and $12 billion in shares for the cross-platform messaging company
Facebook announced Wednesday that it has agreed to acquire messaging service WhatsApp for $16 billion.
The Menlo Park social network will pay $4 billion in cash and $12 billion in Facebook shares for the cross-platform messaging app. The agreement also offers an additional $3 billion in restricted stock granted to WhatsApp founders and employees that will vest over four years.
"WhatsApp is on a path to connect 1 billion people. The services that reach that milestone are all incredibly valuable," said Facebook CEO Mark Zuckerberg. "I've known 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."