Facebook today announced that it will acquire what could quite possibly be the world’s most popular mobile messaging service WhatsApp for more than $16 billion. The deal consists of $4 billion in cash and approximately $12 billion worth of Facebook shares, along with an additional $3-billion in vested shares for WhatsApp employees and founders. Continue reading for the news report and more information.

“WhatsApp is on a path to connect 1 billion people. The services that reach that milestone are all incredibly valuable,” said Facebook chief Mark Zuckerberg in the release. “I’ve known [WhatsApp cofounder] Jan [Koum] for a long time, and I’m excited to partner with him and his team to make the world more open and connected.”