updated 11/05/2010 AT 8:30 AM ET
•originally published 11/04/2010 AT 5:00 PM ET
“We’re excited and incredibly happy about our engagement and we look forward to a wonderful future together,” the longtime couple announced in a joint statement.
Lachey, 36, popped the question to Minnillo, 29, on Thursday “near a beach” in California, with an Asscher-cut diamond flanked with trapezoids from Bader & Garrin, a source tells PEOPLE.
On Thursday afternoon, Lachey took to Twitter to write, “Hey all. If anyone’s heard the rumors of my engagement, they are absolutely true! Vanessa and I couldn’t be happier. Thanks for all the love.”