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Facebook's Oculus acquisition closed today

Facebook's Oculus acquisition closed today

Mon 21 Jul 2014 9:08pm GMT / 5:08pm EDT / 2:08pm PDT
Hardware

"Reimagining the way people communicate"

It's official, the acquisition deal that sees social network Facebook acquire virtual reality innovators Oculus VR closed today.

"We're looking forward to an exciting future together, building the next computing platform and reimagining the way people communicate," said the companies in a joint statement.

The deal was first announced back in March and Facebook paid approximately $2 billion in cash and stock, with another $300 million contingent on performance. Facebook also agreed to pay $400 million of the acquisition cost in cash, with the remainder made up by 23.1 million shares of Facebook stock

"In the end, I kept coming back to a question we always ask ourselves every day at Oculus: what's best for the future of virtual reality?" said Oculus VR founder Palmer Luckey when the deal was first revealed.

"Partnering with Mark [Zuckerberg] and the Facebook team is a unique and powerful opportunity. The partnership accelerates our vision, allows us to execute on some of our most creative ideas and take risks that were otherwise impossible. Most importantly, it means a better Oculus Rift with fewer compromises even faster than we anticipated."

2 Comments

Aleksi Ranta Product Manager - Hardware

288 138 0.5
I do hope they dont reimagine communication too much with Oculus, as todays society has strayed already pretty far from personal contact which should be cherished. But I do have a worrying feeling we will all be sitting with black boxes on our heads having a little chat in the not too distant future.

Posted:4 months ago

#1

Jeff Kleist Writer, Marketing, Licensing

374 225 0.6
Yup, they're looking at corporate meetings and video chat.

The general public will go for augmented reality. They'll never go for Oculus as it stands today.

Posted:3 months ago

#2

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