Facebook Buys Virtual Reality Device Maker Oculus VR for $2 Billion Cash and Stock
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Facebook said it will buy virtual-technology company Oculus VR Inc. for about $2 billion, in its first push into the hardware-technology industry.
The deal includes $400 million in cash and 23.1 million Facebook shares, as well as an additional $300 million if the acquisition achieves certain milestones, the Menlo Park, California-based company said in a statement today.
Facebook has ramped up its dealmaking this year as it works to beef up its mobile business. The social network acquired mobile photo-sharing application Instagram in 2012 for about $700 million. The company agreed to buy mobile messaging app WhatsApp Inc., which has 450 million users worldwide, for about $19 billion last month. Oculus, based in Irvine, California, makes a virtual reality headset for gaming.
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