Facebook
today completed its USD 19 billion buy of mobile messaging
application WhatsApp, appointing one of the startup's co-founders to
the social network's board as part of the deal. "We are looking
forward to connecting even more people around the world, and
continuing to create value for the people who use WhatsApp,"
Facebook said in a statement emailed to AFP. Along with joining the
Facebook board of directors, Jan Koum will remain chief of WhatsApp.
Koum's salary will be a dollar a year, according to a filing Monday
with the US Securities and Exchange Commission. The symbolic annual
pay mirrors that of Facebook chief Mark Zuckerberg. WhatsApp
co-founder Brian Acton will remain with the company under terms of
the acquisition, which promises "inducement grants" of
millions of shares of stock that will incrementally vest during the
coming four years for Koum and Acton if they remain with the company,
according to Facebook. European Union regulators on Friday cleared
the buyout of the WhatsApp mobile messaging service by Facebook,
despite opposition by telecom companies afraid of the growing power
of US technology giants. In a statement explaining its approval of
the USD 19 billon deal (Rs.1,14,000 crore), the European Commission,
the EU's executive arm, said Facebook and WhatsApp were "not
close competitors" and that consumers would continue to have a
"wide array of choices". "We have carefully reviewed
this proposed acquisition and come to the conclusion that it would
not hamper competition in this dynamic and growing market," EU
Competition Commissioner Joaquin Almunia said in a statement.
Facebook, the world's biggest social network, announced the buyout of
the WhatsApp messenger service, used by 600 million people, in
February and US authorities approved the deal in April.
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