Facebook's $1bn deal to buy Instagram completed

The $1bn acquisition of photography app Instagram by Facebook has been completed, Instagram founder Kevin Systrom has claimed.

The deal, which was held up by the Office of Fair Trading, while it decided whether or not to investigate the market implications should it progress, was okayed last month, with Facebook set to pay $300m in cash, and 23m in shares.

"Very excited to announce that we're now officially joining the Facebook family," said Systrom on a post on a Facebook last night.

"I'm psyched for the next chapter of this long journey," he added.