A merger between Instagram and Snapchat has been approved by regulators in Europe, which could help accelerate its plans to open up its app platform to more third-party developers.
In a regulatory filing on Wednesday, the European Commission said Instagram has agreed to acquire Snapchat for €1.95 billion ($1.98 billion) in cash.
The deal will include Snap’s $10 billion in cash and the right to make strategic investments in the business.
Instagram is also required to give Snapchat a chance to demonstrate its ability to operate within the European Union’s regulatory framework and avoid “significant delays” to the merger, according to the filing.
Snapchat CEO Evan Spiegel said in a blog post that the company is “delighted” to have been approved for the acquisition.
The news comes less than a week after Facebook announced it had closed a deal to acquire WhatsApp for €19 billion ($24.2 billion).
Snap has been struggling to maintain its relevance with younger users and advertisers, and has seen its user growth decline.