Facebook Acquires WhatsApp: Facebook Inc has on Monday announced its acquisition of mobile messaging service WhatsApp Inc for $22 billion. 

The purchase of the popular messaging app is Facebook's latest and biggest acquisition yet. Reports indicate that EU officials approved the deal last Friday.

 "The acquisition supports Facebook and What'sApp's shared mission to bring more connectivity and utility to the world by delivering core internet services efficiently and affordably, reads a Facebook statement.

Facebook was initially set to pay $19 billion for WhatsApp. But the price of the messaging app has increased to $22 billion since February when plans of acquisition were first announced.

As a part of the deal, Facebook would pay $4.59 billion to WhatsApp and its shareholders. The company's founders and employees would also receive 45,941,775 in restricted stocks.

Facebook is expected to also award WhatsApp with 177,760,669 shares of its Class A common stock.

"The combination of What'sApp and Facebook will allow us to connect many more people around the world," Facebook's CEO Mark Zuckerberg is quoted saying.

Jan Koum, WhatsApp co-founder, has been assigned to Facebook's board. As part of the merger he would continue working with WhatsApp while receiving a salary of $1 million yearly. He would reportedly also receive $2 billion worth of restricted stock units as an incentive for joining.  

Facebook has over the years acquired some major social media and networking platforms - like the photo sharing app Instagram, which it bought last year. Reports indicate that WhatsApp will still maintain its distinct identity.

"Their product roadmap is very exciting and won't change," Zuckerberg said of WhatsApp's innovative and marketing trajectory.

Reports indicate that - contrary to the speculations of some pundits - Facebook does not have any intentions of including adverts on the app yet. The company has noted that WhatApp will be supported to grow and increase its already bulging users to about 2 billion. WhatsApp currently has over 1 million new members daily, while over 19 billion messages are sent via the app everyday. 

"What'sApp's extreme high user engagement and rapid growth are driven by the simple, powerful and instantaneous messaging capabilities we provide," Koum said.  

Zuckerberg says Facebook plans to "develop more mobile experiences like Instagram and Messenger." 

Zuckerberg also commented on the compatibility of both companies. "WhatsApp fits this vision perfectly; it has incredibly strong engagement and growth. It's the only app we've ever seen that has grown more quickly than Facebook itself" he said.