FCC has brought the matter in to the desk just soon after hearing the request of Facebook to acquire Instagram. Now FCC has closed the case and allowed the deal to process. Previously the deal between Facebook and Instagram was around $1 billion but now seem like the price drop dramatically due to the fall of Facebook stock.
The reason is that the deal will go with $300 million in cash and 22,999,412 shares of Facebook. With the price of Facebook share now, it is equivalent to $447 million. However the final price is still unknown till the papers are signed.