February 22, 2010 (FinancialWire) — Google Inc. (NASDAQ: GOOG) said that it completed its roughly $124.6 million acquisition of On2 Technologies, Inc. after On2’s shareholders voted to approve the transaction.

Under the terms of the agreement, each outstanding share of On2 common stock will be converted into the right to receive a combination of $0.15 in cash per share, 0.0010 of a share of Google class A common stock and cash payable in lieu of any fractional shares of Google class A common stock.

Google plans to repurchase in the open market a number of shares equal to the number of shares issued in the transaction. The repurchase program is scheduled to begin shortly after the completion of the acquisition, according to the company. The repurchases will be funded from available working capital.

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