Facebook acquires Instagram for about $1B Facebook and Instagram announced Tuesday that the photo-sharing app has agreed to be acquired by the social networking giant. The deal is worth approximately $1 billion in cash and Facebook shares, according to a release from Facebook. In a post on his own Timeline, Facebook chief executive Mark Zuckerberg said the Instagram team will be joining Facebook, and that the company is committed to "building and growing Instagram independently." In his comments, Zuckerberg said that Instagram will continue to have the capability to connect to other services - such as Twitter - and will keep Instagram's unique strengths and weaknesses in mind without "just trying to integrate everything into Facebook." Zuckerberg said this is a big milestone for Facebook, which is expected to make its market debut this spring. [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," Zuckerberg said in his note. The transaction is expected to close later this quarter. Over on the Instagram company blog, chief executive Kevin Systrom also stressed that Instagram will keep its independence, saying his team will "be working with Facebook to evolve Instagram and build the network. We'll continue to add new features to the product and find new ways to create a better mobile photos experience. Instagram has been a hit since its launch in 2011, and was named Apple's top app last year. The service has 27 million users, and recently launched its Android app - which will lead to a much larger user base. Instagram releases Android app Instagram hits 27 million, preps Android app Apple names Instagram top app of the year SXSW: Highlight, location-based social app, expected to be break-out star