Facebook has purchased popular mobile photo app for $1 billion in a combination of cash and shares of Facebook.

In a post on his Facebook timeline, CEO and Founder of Facebook Mark Zuckerberg said, “I’m excited to share the news that we’ve agreed to acquire Instagram and that their talented team will be joining Facebook. For years, we’ve focused on building the best experience for sharing photos with your friends and family. Now, we’ll be able to work even more closely with the Instagram team to also offer the best experiences for sharing beautiful mobile photos with people based on your interests…

We’re looking forward to working with the Instagram team and to all of the great new experiences we’re going to be able to build together.”

Last week, the Android version of the app was released and Facebook announced it will be trading in the NASDAQ exhchange.