Google completes AdMob acquisition, ready to take on Apple's iAds

    Three days after the FTC blessed the $750 million deal to buy AdMob, Google has announced the deal is closed.

    In a post on the Official Google Blog, Susan Wojcicki, Vice President of Product Management, said that Google was moving fast to integrate Omar Hamoui's Admob team into Google's advertising unit as quickly as possible. They are trying to make up some of the time the FTC's long look into Google's business had expended.

    We'll now begin the process of bringing our products and teams together in the best way, and building new products and features together. We're working to make this integration happen as fast and as seamlessly as possible. We'll actively keep our clients up-to-date as we bring our businesses together — stay tuned!

    Google (GOOG) is moving fast in the mobile advertising space as new rival Apple (AAPL) is rapidly expanding its new iAds service to a number of big clients.

    Google also made a quick note about its AdMob stock repurchase plan:

    Stock Repurchase: As previously announced, Google intends to repurchase in the open market a number of shares equal to the number of shares issued in the transaction and issuable upon exercise of outstanding options to purchase common stock issued by AdMob. The repurchase program is expected to commence shortly after the completion of the acquisition. The repurchases will be funded from available working capital.