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Facebook agrees to acquire device maker Oculus for $2 billion

Facebook Inc. is buying virtual-reality technology company Oculus VR Inc. for about $2 billion, making its first foray into mobile and wearable hardware.

The deal includes $400 million in cash and 23.1 million Facebook shares, as well as an additional $300 million if the acquisition achieves certain milestones, the Menlo Park, California-based company said in a statement today. Oculus, based in Irvine, California, makes a ski-goggles-like device called Rift that people wear to play games and access other immersive virtual-reality experiences.