Google reached a major milestone today. It has received approval from the FTC in its $3.1 billion cash acquisition of technology/ad serving firm DoubleClick.
"The FTC's strong support sends a clear message: this acquisition poses no risk to competition and will benefit consumers," said Eric Schmidt, Google's chairman and CEO in a statement. "We hope that the European Commission will soon reach the same conclusion, and we are confident that this deal will deliver more relevant ads for consumers, more choices for advertisers, and more opportunities for website publishers."
In the approval opinion, the FTC rejected competition concerns, calling Google and DoubleClick "complimentary businesses," since DoubleClick does not actually buy or sell ads or ad space. The FTC also noted robust competition in the space.
Last November, European regulators had refused to approve the deal citing trust and privacy concerns.
Schmidt, however, remains optimistic. Regarding privacy, he said, "We have been protecting our users' privacy since our inception, and will continue to innovate in how we safeguard their information and maintain their trust."
