Facebook completes $2bn Oculus acquisition

Facebook completes $2bn Oculus acquisition
Craig Chapple

By Craig Chapple

July 22nd 2014 at 10:06AM

Deal for VR firm includes $400m in cash and 23.1m shares worth $1.6bn

Facebook has officially completed its $2bn acquisition of Oculus.

The shock deal was first announced in late March. It includes $400m in cash and 23.1 million shares of Facebook common stock, valued at $1.6bn. A further $300m will also be offered depending on the achievement of certain milestones.

A joint statement from the two companies read: “We’re looking forward to an exciting future together, building the next computing platform and reimagining the way people communicate.”

At the time of the acquisition, Oculus founder Palmer Luckey said the deal was a “special moment for the game industry”. He described the partnership with Facebook as a “unique and powerful opportunity”.

“The partnership accelerates our vision, allows us to execute on some of our most creative ideas and take risks that were otherwise impossible,” he said.

“Most importantly, it means a better Oculus Rift with fewer compromises even faster than we anticipated.”

Oculus is currently eyeing up a 2015 release for the virtual reality Rift headset.