Mike Isaac, reporting for Recode:
Facebook plans to acquire the messaging service WhatsApp, the company announced on Wednesday.
The move marks the social giant’s biggest acquisition to date, as Facebook paid $16 billion in cash and stock for the company. In addition, the deal includes another $3 billion in restricted stock units for WhatsApp employees, which will vest over a period of time.
“WhatsApp is on a path to connect 1 billion people. The services that reach that milestone are all incredibly valuable,” Facebook CEO Mark Zuckerberg said in a statement.