In a move that stunned Silicon Valley and the whole world. Facebook, on Monday, agreed to buy social networking giant facebook for $325 billion, making it the company’s largest acquisition.
Google CEO Eric Schmidt and Facebook CEO Mark Zuckerberg held a hastily arranged press conference where they outlined the key elements of the agreement.
Technically, Zuckerberg explained, Google is purchasing 98.4 percent of Facebook, leaving Microsoft with 1.6 percent ownership.
Google CEO Eric Schmidt posted on his blog, explaining why he bought Facebok.
The text of the letter is given below:
I’m excited to announce that we’ve agreed to acquire Facebook and that their entire team will be joining us at Google.
Schmidt noted the many synergies between Google and Facebook that led to the deal.
“With the acquisition of Facebook, users will be able to take advantage of OpenSocial applications across all the major social networks on the planet,” he said. “We’ll be able to incorporate Facebook apps directly into Android, our new mobile operating system. And, frankly, we were losing too many of our top people to Facebook. So now they’re all back where they belong. Forever.”
“Facebook had every option in the world,” Zuckerberg continued in a post to his Facebook page, “so I’m thrilled that Google chose to work with us. I’m looking forward to what Facebook and Google can do together, and to developing great new mobile services that give people even more options for connecting. I’ve also known Schmidt for a long time, and I know that we both share the vision of making the world more open and connected. I’m particularly happy that Schmidt has agreed tobuy Facebook and partner with me to shape Facebook’s future as well as Google’s.”
Some analysts view the move as part of more deep-seeded trend driving the search giant’s acquisition strategy.
Zuckerberg would be put in charge of the new GoogleFace operation, sharing an office with Chad Hurley and Steve Chen on Google’s satellite campus in Gilroy. The deal will need to be approved by the Department of Justice and the Federal Trade Commission, but both CEOs expressed confidence that the merger will move forward.
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