Google to acquire AdMob mobile advertising network for $750 million in stock

Google has signed an agreement to acquire mobile advertising network AdMob for $750 million in stock, the search giant's third-largest acquisition, it announced in a press release yesterday. AdMob's focus on web and app display ads - with more than 15,000 mobile websites and applications already in its network - will compliment Google's focus on search ads.

"Mobile advertising has enormous potential as a marketing medium and while this industry is still in the early stages of development, AdMob has already made exceptional progress in a very short time," Google VP of Product Management Susan Wojcicki said in a statement.

The platform is likely to enhance Google's Android mobile operating system, and help third-party developers, publishers, and advertisers monetize their content. The company says that users will benefit from better delivery of mobile advertisements, as well.

The deal is subject to customary closing conditions and regulatory review, but the companies hope to complete the deal in the next several months.