The Giant Meta Social Network, the parent company of Facebook, will have to sell its company specialized in animation «Givi», after a decision of the British Authority for Competition Affairs in this direction, and the fall of an appeal case.
Selling the business “total” is “the only option to avoid a significant impact” from the acquisition of “Givi” from the enormous social network on the rivals.
She made note of the fact that Givi’s acquisition of Facebook “would limit a lot of competition in the market” and “has already resulted in the elimination of a prospective competitor in the field of electronic ads in the British market.”
In November of last year, the authority considered that Facebook’s purchase of this company in May 2020 compared to $ 315 million in addition to Facebook shares, may harm advertisers via the Internet and users alike, and issued a first order to sell “Givi”.
Mita commented on the British decision in a statement sent to Agence France -Presse, saying, “We are disappointed about the decision of the British Authority to compete, but we will accept its final decision in the matter. ”
In regards to our departure from Givi, we will work closely with the British Competition Authority, she continued.
The massive social network said in its statement that Facebook would keep “evaluating alternatives, including the conduct of acquisitions, to restore innovation and freedom of choice for more people in the United Kingdom and the world.
“During a trial held prior to the appeal in April, Meta’s attorneys claimed that the platform had not received any offers that include a set intention to buy “Givi,” indicating, in “Mita’s” opinion, that the prospects for expansion in the British advertising industry are not necessarily excellent.
The British Competition Authority orders “Mita” to sell the animation-focused business “Giv.”
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