Facebook's acquisition of Oculus has today been officially approved by regulators and will come into effect immediately.
The deal was originally announced in March and has now passed the California Department of Corporations fairness hearing. The exact cost of the acquisition was revealed to be $2,001,985,000 (£1.2 billion).
The VR startup has announced its intentions to continue operating independently despite the purchase and is set to retain its primary offices in the Irvine and Los Angeles areas.
"We're looking forward to an exciting future together, building the next computing platform and reimagining the way people communicate," the companies said in a joint statement.
The transaction will consist of $400 million in cash, along with approximately $1.6 billion in Facebook stock. Oculus will also be awarded an additional $300 million in cash and stock incentives if it reaches certain targets.
In a statement released back in March, Facebook CEO Mark Zuckerberg said, "We're going to focus on helping Oculus build out their product and develop partnerships to support more games. Oculus will continue operating independently within Facebook to achieve this."
The deal was heavily criticised at the time by fans of the virtual reality firm, with many disappointed that the technology may lose its video game focus.
The outcome of the partnership is likely to become clearer with the first Oculus Connect conference coming this September.