By Christopher Harress - After years of rumors about Google Inc. (NASDAQ:GOOG) buying the mobile messaging company WhatsApp, Facebook Inc. (NASDAQ:FB) announced Wednesday that it will snap up the company for $16 billion in stock and cash.
The deal will be financed with a cash payment of $4 billion and $12 billion in Facebook shares.
The deal includes an additional $3 billion in restricted stock for WhatsApp founder Jan Koum, who will join the Facebook board.
Both brands will remain exclusive from each other, according to Facebook.