Two great tastes that taste great together? That remains to be seen, but like it or not, Facebook founder Mark Zuckerberg took to his Timeline on Monday to announce the social network’s acquisition of Instagram, which is said to be a $1 billion cash and shares deal.

Facebook’s Mark Zuckerberg laid a bombshell on his Timeline today, announcing that the social network has “agreed to acquire Instagram and that their talented team will be joining Facebook.” The news was quickly confirmed by a press release posted on AllThingsD, which pins the value of the acquisition at “approximately $1 billion in a combination of cash and shares of Facebook.”

“This is an important milestone for Facebook because it's the first time we've ever acquired a product and company with so many users,” Zuckerberg elaborated on his Timeline on Monday. “We don't plan on doing many more of these, if any at all. But providing the best photo sharing experience is one reason why so many people love Facebook and we knew it would be worth bringing these two companies together.

“We think the fact that Instagram is connected to other services beyond Facebook is an important part of the experience,” Zuck continues. “We plan on keeping features like the ability to post to other social networks, the ability to not share your Instagrams on Facebook if you want, and the ability to have followers and follow people separately from your friends on Facebook.”

The Instagram acquisition is expected to close later this quarter, but “is subject to customary closing conditions.” Facebook also promises to “keep the company independent.”

Follow this article’s author, J.R. Bookwalter on Twitter