Facebook Oculus acquisition has finalized

Firm's "looking forward" to "reimagining the way people communicate"

Facebook has officially finalized its acquisition of virtual reality headset maker Oculus VR.

"We're looking forward to an exciting future together, building the next computing platform and reimagining the way people communicate," said the companies in a joint statement released Monday.


Facebook announced on March 25 that it will acquire Oculus VR as part of a $2 billion deal.

That figure includes $400 million in cash and 23.1 million shares of Facebook common stock (valued at $1.6 billion based on the average closing price of the 20 trading days preceding March 21, 2014 of $69.35 per share).

The deal also includes an additional $300 million "earn-out in cash and stock" pending the achievement of certain undisclosed milestones. The transaction is due to close in Q2 2014.

"Mobile is the platform of today, and now we're also getting ready for the platforms of tomorrow," said Facebook founder and CEO Mark Zuckerberg at the time of the March announcement. "Oculus has the chance to create the most social platform ever, and change the way we work, play and communicate."

Since the announcement, Oculus VR has been embroiled in a legal battle with Id Software and owner ZeniMax Media over claims the Oculus Rift headset was made possible through "years of research and investment" by ZeniMax.

In a recent statement, Zenimax has laid out claims that Oculus misappropriated trade secrets relating to virtual reality technology, infringed ZeniMax copyrights and trademarks, and breached its contract with the company.

Id co-founder/Oculus CTO John Carmack, who left id to work at Oculus VR in November 2013, has publicly derided the claims, and the company has pointed to its recent $2 billion acquisition by Facebook as a likely cause for the legal action.