The U.S. Federal Trade Commission cleared Facebook acquisition of Instagram, voting to close its antitrust investigation into the deal without taking any action. The Commission vote to close the investigation was 5-0. The move frees Facebook to complete its purchase of the mobile photo application maker, the biggest acquisition in its history. Facebook announced plans to buy Instagram in a cash and stock deal for $1 billion in April.

Facebook will acquire Instagram for $300 million in cash and roughly 23 million shares of Facebook common stock.

The Instagram application, which allows users to add filters and effects to pictures taken on their smartphones, could bolster Facebook's mobile efforts.

Facebook said in its most recent 10Q regulatory filing that it plans to maintain Instagram's products "as independent mobile applications to enhance our photos product offerings and to enable users to increase their levels of mobile engagement and photo sharing."