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Facebook buys WhatsApp for $19 billion

New York -- Facebook is expanding its mobile messaging network. The social media giant has agreed to buy WhatsApp in a deal worth $19 billion.

Under the terms, Facebook will pay $4 billion in cash and $12 billion in stock.

The agreement also provides an additional $3 billion in stock grants for WhatsApps founders and employees, if they stay employed by Facebook for four years.

The CEO of WhatsApp will join Facebooks board.

WhatsApp is used by more than 450 million people and allows users to send text messages for free on the internet.

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Washington Times