The UK’s competition regulator is expected to halt Meta’s acquisition of online GIF platform Giphy in the coming days, reports the Financial Times.
The Competition and Markets Authority is set to reverse the deal, which will be the first time the watchdog has reversed a Big Tech acquisition, the FT reported, citing individuals close to the matter.
The meta platform and regulator did not respond to requests for comment from Reuters sent outside working hours.
The regulator fined US social media giant Facebook, now Meta, 50.5 million pounds ($67.35 million) in October for violating an order placed during an investigation into its purchase of GIF platform, Giphy.
Facebook in May last year bought Giphy, a website for creating and sharing animated images or GIFs, to integrate with its photo-sharing app, Instagram. The deal was then pegged by Axios at $400 million.
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