Facebook has agreed to buy the french firm Phoenix Interactive Inc. for $7 million, betting that its virtual reality games may be a new way for people to enjoy, play or be entertained.

Facebook Inc. said Monday that the deal includes $4 million in cash and 48200 shares worth about $3 million (1= $62,24). Phoenix Interactive voluntary employees are also eligible for an additional $175.000 if the company achieves certain targets.

Phoenix Interactive is using the Oculus Rift, a virtual reality headset that's received a lot of attention from video game developers. It has yet to be released, but Facebook says Oculus has received more than 75,000 orders for development kits for the headset. They decided finally, to buy a french firm in order to "revolutionize the game".

With Oculus Rift and Phoenix Interactive, we want to bring a new culture in our world". said the CEO of Facebook.
Facebook tends to make long-term bets on companies where short-term gains may not be immediately obvious. Last month, it made a $19 billion deal for messaging startup WhatsApp.

More info at CBC Canada: cbc.ca


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