By Mikal E. Belicove|For |January 7, 2012

It’s looking like Gowalla, the Austin, Texas-based geosocial networking company, will be checking in at a whole new address: Facebook’s offices in Palo Alto, Calif.

Last Wednesday, the Austin Business Journal speculated that Gowalla was looking for a buyer (no news there… Gowalla has struggled and by its own admission for quite a while now). Then CNN Money reported late Friday that Facebook was close to inking a deal to acquire the all-but-forgotten startup that was once destined to compete with Foursquare and SCVNGR for our geosocial and hyper-local activities.

Fast-forward to yesterday and Facebook finally gave its answer: The social network is hiring Gowalla co-founders Josh Williams and Scott Raymond, along with other members of the Gowalla team to work on Facebook’s design and engineering teams.

For his part, Williams took to the Gowalla blog on Monday to announce that once they land at Facebook headquarters in California, he and his co-workers expect to be working on Timeline, Facebook’s new personal profile format.

If you’re unfamiliar with Timeline…

Continue reading How Gowalla’s Deal with Facebook Affects You