Facebook Buys Oculus VR for $2 Billion

In an unexpected move, Facebook has just announced that that it will acquire Oculus VR, the creators of the Oculus Rift virtual reality headset for $2 billion. Details of the deal are outlined in a press release and include $400 million in cash in addition to 23.1 million Facebook shares with a current market value of approximately $1.6 billion. The acquisition is expected to go ahead in the second quarter of this year.

Facebook founder and CEO, Mark Zuckerberg states that “Mobile is the platform of today, and now we’re also getting ready for the platforms of tomorrow,” He goes on to explain that “Oculus has the chance to create the most social platform ever, and change the way we work, play and communicate.”

Brendan Iribe, co-founder and CEO of Oculus VR states “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 it’s only just the beginning.”

Oculus VR will continue to operate from its current headquarters in Irvine, CA, and will continue development on the Oculus Rift platform.

After Sony’s recent reveal of a PS4 Virtual Reality Headset called ‘Project Morpheus’, Facebook’s acquisition of Oculus VR is just further proof that Virtual Reality is here to stay.

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