Facebook has acquired Instagram for $1-billion in “a combination of cash and shares of Facebook.” Mark Zuckerberg says: “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. We don’t plan on doing many more of these, if any at all.” Continue reading for the Wall Street Journal news report.

It’s been quite a year for Instagram, with its recent launch of an Android app and growth to 30 million users, and this acquisition would put it up near the legendary Google buyout of $1.65 billion for YouTube in 2006.

[via TheVerge]