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Dominion Provident Ventures, Inc. reports: Google Inc. is buying mobile advertising network AdMob for $750 million, underscoring the Internet search leader’s determination to ensure its marketing machine reaches the growing number of people surfing the Web on phones. Once it closes within the next few months, the AdMob acquisition would become Google’s most expensive purchase since it bought online ad service DoubleClick for $3.2 billion in March 2008. AdMob shares at least one similarity with DoubleClick: AdMob’s system specializes in delivering more visual messages, known as display advertising.

The all-stock deal announced Monday also represents the latest sign that Google’s leaders are feeling better about the economy’s direction, encouraging them to spend more freely after clamping down through much of this year, explains DPVI analyst Linda McCalaster.

With the increasing sophistication of handheld computing devices such as Apple Inc.’s iPhone and Motorola Inc.’s just-released Droid, millions of people are regularly connecting to their favorite Internet services when they are away from their home or office computers. The trend is opening new opportunities for advertisers to peddle their wares. Analysts at DPVI expect U.S. mobile advertising to approach $1.6 billion by 2013, up from an estimated $416 million this year.