After months of doubt, Google (GOOG) today received clearance from the Federal Trade Commission for its acquisition of AdMob, the mobile display ad company.
The $750 million deal was first announced in November 2009. Along the way, there have been numerous reports that the FTC might seek to block the deal on antitrust grounds.
Instead, the commission today voted 5-0 to close its investigation of the deal. The FTC’s competitive concerns were apparently allayed by Apple’s (AAPL) launch of its own mobile ad platform, as well as the development of additional mobile ad networks by other firms.
In a statement, AdMob founder and CEO Omar Hamoui said the company was “extremely pleased” with the decision and “is now working with the team at Google to quickly close the deal.”
Susan Wojcicki, Google’s VP of Product Management, echoed the excitement and emphasized the growing competition in the mobile ad field. In a blog post, Wojcicki said, “This industry is moving fast, and we�re excited to be part of the race!”
Shares of Google are up $5.12, or 1.1%, today to $480.13
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