Will Pryte Acquisition Affect Facebook (FB) Stock Today?

NEW YORK (TheStreet) -- News broke Tuesday that Facebook  (FB) would acquire Finnish startup Pryte, a mobile data company that focuses on emerging markets.

Pryte works with telecommunications companies to allow ordinary users to buy data for specific apps, rather than an entire device, to help them reduce costs by providing support for only the apps that users want. 

"We are excited to get started, and make an even greater impact by advancing the work we are doing in collaboration with Facebook's great team working to further Internet.org's goal of making affordable internet access available to everyone in the world," Pryte announced on its site.

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Financial terms of the deal were not disclosed.

Facebook's stock was flat at 2:11 p.m.

Separately, TheStreet Ratings team rates FACEBOOK INC as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:

"We rate FACEBOOK INC (FB) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the stock itself is trading at a premium valuation."

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