The FTC approved the deal unanimously Wednesday. "We are pleased," Facebook, of Menlo Park, Calif., said in a statement.
In the deal arranged before Facebook's May 17 initial public offering, CEO Mark Zuckerberg offered $300 million in cash plus 23 million shares for Instagram, the year-old photo-sharing website for mobile platforms that Facebook wants to expand its reach beyond the desktop.
California's Department of Corporations is scheduled to conduct a fairness hearing on the acquisition next week. Facebook shares rose 4 cents to $19.48 in early Thursday trading.