We told you yesterday about rumors of a Facebook/Gowalla deal, now the specifics of the deal have come to light. First off, it’s true. Facebook is working with Gowalla. But instead of an outright takeover of the company, Facebook did what it and other giant tech companies have been doing more and more of: they hired the people responsible for the technology. SLURP! Me like yummy tech company soup.

Gowalla will cease to exist after January 2012. Iin a blog post on its site, Gowalla founder, Josh Williams, had this to say: “We know how much many of you loved Gowalla. It’s been the highlight of our lives as we’ve built it with your help over the past two years. As we move forward, we hope some of the inspiration behind Gowalla — a fun and beautiful way to share your journey on the go — will live on at Facebook.” Facebook says it will not incorporate Gowalla user data; instead, it will use the “inspiration behind Gowalla” and integrate that into Facebook. No word yet on what that might look like, but, the as yet to premiere, Timeline feature might be a good place to start.