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Facebook to acquire Oculus for $2 billion

Facebook to acquire Oculus for $2 billion

March 25, 2014 | By Christian Nutt

"Mobile is the platform of today, and now were also getting ready for the platforms of tomorrow, Oculus has the chance to create the most social platform ever, and change the way we work, play and communicate."

Those are the words of Facebook founder and CEO, Mark Zuckerberg on the announcement that the company has entered into an agreement to acquire VR company Oculus for $2 billion -- $400 million in cash and 23.1 million shares of Facebook common stock. There is also an earn-out potential of $300 million in cash and stock based on "the achievement of certain milestones."

"We believe virtual reality will be heavily defined by social experiences that connect people in magical, new ways. It is a transformative and disruptive technology, that enables the world to experience the impossible, and its only just the beginning," Brendan Iribe, co-founder and CEO of Oculus VR, said in a statement released by Facebook.

Oculus will continue to be headquartered in Southern California, in Irvine. Facebook is headquartered in Menlo Park, in the San Francisco Bay Area. The acquisition of the VR company by the social networking giant is expected to close in the second quarter of this year.

The companies are planning to hold a conference call today to discuss this announcement, and Gamasutra will report on details that emerge later today.

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