Breaking news currently spanning the blogosphere confirms Facebook's acquisition of Instagram for an unbelievable 1 billion dollars.
The deal, sealed for 1 billion dollars in cash and shares, is confirmed by Mark Zuckerberg in his status update of his Facebook's timeline and also by Kevin Systrom on instagram's blog.
Mark agreed that it is the first time that they have acquired a product and a company with so many users.
Follow the links for complete status update from Mark and blog post by Kevin on the acquisition.