Facebook announced it will acquire California-based virtual reality goggle maker Oculus VR Inc. for approximately $2 billion, the Financial Post revealed on Tuesday, March 25.

According to the report, the arrangement is part of the social networking giant’s move to establish its mobile technology business, as more and more users access Facebook services through mobile devices. Facebook believes that Oculus’ wearable technology is a highly-innovative platform for social media and gaming that will revolutionize users’ experience.

Oculus VR Inc. is the company behind Oculus Rift, a virtual-reality headset for 3D gaming.

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Written by James H. Arenson

Last Updated : March 28, 2014