Facebook buying WhatsApp for $US16 billion

The mobile messaging app has 450 million monthly users

Facebook has agreed to buy mobile messaging app, WhatsApp, for $US16 billion in cash and stock, the social network said Wednesday.

Facebook plans to buy the company for $US12 billion in Facebook shares and $4 billion in cash. WhatsApp will continue to operate "independently" and retain its brand, Facebook said.

WhatsApp has 450 million monthly users, and 70 per cent of those people access the service daily, Facebook said.

"WhatsApp is on a path to connect 1 billion people. The services that reach that milestone are all incredibly valuable," Facebook CEO, Mark Zuckerberg, said in a statement.

(More to follow)

James Niccolai covers data centers and general technology news for IDG News Service. Follow James on Twitter at @jniccolai. James's e-mail address is james_niccolai@idg.com

Tags business issuesWhatsAppFacebookMergers and acquisitions

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