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$1bn for Instagram? Knock yourself out, Facebook - UK watchdog

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The UK's merger and acquisitions regulator has cleared Facebook to snaffle up photo filter Instagram. Imagine the sighs of relief at the social network when the watchdog ruled that the $1bn acquisition won't affect competition.

The Office of Fair Trading said there was no need to refer the proposed deal to the Competition Commission for investigation. The details of the decision will be published in the next few weeks once the social network and the antique photo firm have had a chance to look at them.

Facebook's takeover of Instagram is now awaiting the green light from the Federal Trade Commission in the US, which has issued a second request to Facebook for further information.

Regulators are involved because of the size of the acquisition, and their probing could hold up the closing of the deal, which Facebook is hoping to finish in the second half of this year. ®

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