Social media giant Meta has agreed to sell animated photo platform Giphy in compliance with the market regulator’s directive. The UK’s Competition and Markets Authority (CMA) ordered Meta to sell Giphy on Tuesday.
Meta bought Giphy for $400 million. However, the UK’s market watchdog raised objections to the acquisition deal in November last year.
In response to the directive, Meta said, “We are disappointed with this decision. However, Meta will withdraw from the 2020 acquisition agreement in compliance with the CMA’s order.”
It is to be noted that this is the first time that the United Kingdom’s market regulator has blocked the deal of a US technology giant.
