LONDON (REUTERS) – The UK competitors regulator is predicted to dam Meta Platforms’ acquisition of on-line GIF platform Giphy within the coming days, the Monetary Occasions reported on Monday (Nov 29).
The Competitors and Markets Authority is ready to reverse the deal in what could be the primary time the watchdog has reversed a Massive Tech acquisition, the report stated, citing people near the matter.
Meta Platforms and the regulator didn’t reply to requests for remark from Reuters despatched exterior working hours.
The regulator had in October fined the US social media big Fb, now Meta, 50.5 million kilos (S$78.1 million) for breaching an order that was imposed throughout an investigation into its buy of the GIF platform, Giphy.
Fb purchased Giphy, a web site for making and sharing animated photos, or GIFs, in Could final 12 months to combine it with its photo-sharing app, Instagram. The deal was then pegged at US$400 million (US$548 million) by Axios.
