Google Gets OK to Buy AdMob

The competition between Google and Apple in the mobile ad space is heating up, as Google gets approval to buy AdMob.
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NEW YORK (

TheStreet

) --

Google

(GOOG) - Get Report

received approval from the Federal Trade Commission to acquire mobile advertising company AdMob.

Google previously struck a $750 million deal to buy AdMob, but the FTC sought a vote on the acquisition to decide whether or not it would harm competition.

AdMob is one of the leading suppliers of ads that run on mobile devices.

Google expects to close the deal over the next several weeks.

Apple's

(AAPL) - Get Report

recent entrance into the mobile advertising space with its much-ballyhooed iAd no doubt helped push along the vote. Apple acquired the third-largest mobile ad network, Quattro Wireless, earlier this year.

In recent trades Friday afternoon, Google shares were changing hands at $480, up 1%, on heavier-than-average volume of 6.7 million shares.

Reported by Jeanine Poggi in New York.

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