Facebook to buy Oculus Virtual-Reality company for $2 billion

Facebook to buy Oculus Virtual-Reality company for $2 billion

Another acquisition for the social network

Image: Fast Company

This week, Facebook announced its plans to buy California-based tech company Oculus Virtual Reality for approximately $2 billion, as Mark Zuckerberg ventures into the world of wearable devices

On Tuesday, the social-networking giant revealed its plan to acquire Oculus VR, a company known for its gaming devices, such as its famed Oculus Rift - a virtual reality headset originally funded on Kickstarter.

"Mobile is the platform of today, and now we're also getting ready for the platforms of tomorrow," said CEO and founder Mark Zuckerberg, "Oculus has the chance to create the most social platform ever, and change the way we work, play and communicate."

The grand deal includes $400 million in cash, 23.1 million shares of Facebook common stock valued at $1.6 billion, as well as an additional $300 million in cash if Oculus meets Facebook's performance targets.

Oculus will continue to work independently at it's headquarters in Irvine, California, with the deal expected to close in the second quarter of this year.



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