Google’s DoubleClick acquisition a done deal

European competition regulators have approved the acquisition of online advertising company DoubleClick by search giant Google.

Shortly afterwards, Google announced the $3.1 billion deal has been completed and there will be job cuts at the merged entity.

Google has accounted for 58.5% of all searches in the United States in January, according to comScore and 28% of the $21.4 billion online advertising market in the United States in 2007, according to eMarketer, reports The New York Times.

It was argued the deal may lead to Google developing a strong position in online display advertising where it has previously had limited success.

But the European commission said the deal would not hurt competition because Google and DoubleClick occupy different parts of the market, and advertisers would be able to opt for alternatives, including services from Microsoft, Yahoo and AOL.