Google says the acquisition of ITA Software will create a "new, easier way for users to find better flight information online" - predicting that more air tickets will be sold online as a result.
The search (and travel?) giant also reckons it can still be a friend of the wider industry:

"The deal will benefit passengers, airlines and online travel agencies by making it easier for users to comparison shop for flights and airfares and by driving more potential customers to airlines' and online travel agencies' websites."
As reiterated on countless occasions, but under these circumstances, Google has no plans to move into the transactional side of the business.
And in an attempt to head-off concerns over anti-trust issues in the US, Google claims the deal will not change existing market shares of the two businesses.
But perhaps the most interesting nugget of detail to come out of the announcement materials is the following chart, outlining exactly where Google sees itself in the new online ecosystem in travel.
Yes, right next to the big boys of travel. And, curiously, those new kids on the block, Everbread.