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According to Mark Zuckerberg’s Timeline post from earlier today, Facebook is in agreement to acquire Instagram, the popular photo-sharing mobile app, for approximately $1 billion, which will be paid in cash and Facebook shares. The deal is expected to close by the end of this quarter.

Zuckerberg wrote, “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. But providing the best photo sharing experience is one reason why so many people love Facebook and we knew it would be worth bringing these two companies together.”

With more than 27 million iOS users alone and last weeks launch of Instagram for Android which led to more than 1 million downloads within the first 24 hours, Instagram had become it’s own social network. Instagram CEO Kevin Systrom wants users to know “that Instagram is not going away,” which he posted on the company’s blog today.

Not everybody is as excited about this acquisition as Mark Zuckerberg. Quite a few Instagram users have Tweeted that they will be deleting their accounts in fear that it will never be the same now that Facebook is taking over. Due to the backlash, some tech blogs have posted how to save your Instagram photos before deleting your account. If you are one of these frustrated users, you should know that once you delete your account your photos will be gone and you will not be able to re-register with the same username.

What do you think about this deal? Will you be deleting your Instagram account?

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