Facebook fined £50.5m for breaching order in Giphy takeover investigation | Facebook


Facebook has been fined £50.5m for breaching an order imposed by the UK competitors regulator throughout its investigation into the acquisition of gif creation web site Giphy.

The Competition and Markets Authority, which launched an in-depth investigation into Facebook’s $400m (£290m) takeover deal earlier this yr, stated that the social networking big “deliberately” refused to provide data proving that it was complying with an preliminary enforcement order (IEO).

An IEO forces an organization to cease any additional integration of a enterprise that has been acquired, and to permit it to compete as it will have pre-merger, till the CMA completes its investigation.

“This should serve as a warning to any company that thinks it is above the law,” stated Joel Bamford, senior director of mergers on the CMA.

Facebook stated it strongly disagreed with the Competition and Markets Authority ruling, calling it an unfair resolution to punish it.

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