Facebook’s falling share-price means the $1bn price tag is history, but the social network’s acquisition of photo-sharing app Instagram has been approved by the Federal Trade Commission.

The deal is now worth $747m – $300m in cash and the rest in stock. Facebook is now expected to move quickly to complete the acquisition, which was originally announced in April 2012.

And then? Information is scarce on what Facebook plans to do with Instagram, beyond keeping it running as an independent app rather than rolling it into Facebook’s own mobile app.