"After almost 6 loving and wonderful years together, we have decided to end our relationship," the joint statement began.
"This was an incredibly difficult decision for both of us, but we have realized more than anything that we are better as best friends," the statement continued. "We will always be supportive of one another. Thank you to everyone who has offered us kindness and support over the years."
In January, Valderrama spoke fondly of the "Complicated" singer in an interview with ET. "You know, we've been best friends for about six years," he said at the time. "We haven't necessarily been dating for six years, but we have six years of friendship, and it's been beautiful."
Earlier this year, Lovato admitted to ET that Valderrama had some initial "hesitations" about their significant age difference. "He had some hesitations. Once I got older, we could be together," she said, adding, "He's my best friend."
Rumors had also swirled about a possible engagement, to which Lovato told ET, "You'll have to ask him."
In a recent interview with Latina magazine, the Texas native had nothing but kind things to say about her now-ex, including that he was more "passionate" than her past boyfriends. Find out more in the video below.