LONDON (REUTERS) – The United Kingdom competition regulator is expected to block Meta Platforms’ acquisition of online GIF platform Giphy in the coming days, the Financial Times reported on Monday (Nov 29).
The Competition and Markets Authority is set to reverse the deal in what would be the first time the watchdog has reversed a Big Tech acquisition, the report said, citing individuals close to the matter.
Meta Platforms and the regulator did not respond to requests for comment from Reuters sent outside working hours.
The regulator had in October fined the United States social media giant Facebook, now Meta, 50.5 million pounds (S$78.1 million) for breaching an order that was imposed during an investigation into its purchase of the GIF platform, Giphy.
Facebook bought Giphy, a website for making and sharing animated images, or GIFs, in May last year to integrate it with its photo-sharing app, Instagram. The deal was then pegged at US$400 million (US$548 million) by Axios.