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Facebook fined in Austria for its purchase of Giphy |  international |  News

Facebook fined in Austria for its purchase of Giphy | international | News

And the media indicated that it closed at about $ 400 million.

On Monday, Facebook received a €9.6 million fine in Austria for failing to notify it of the acquisition of GIF image platform Giphy within the legal deadline.

Antitrust authorities say that the social network has “fully cooperated” and accepts the fine.

Thus, the US multinational has admitted to breaching Austrian antitrust law by acquiring Giphy last month, requiring companies to give advance notice of merger projects that meet certain thresholds and to wait “until they are authorized before they are implemented.”

Notification of the acquisition must be made in Austria if a certain turnover number is exceeded or if the value of the acquisition exceeds 200 million euros, and if, at the same time, the acquired company is engaged in “significantly” activity.

Such was the case of Giphy, where not only direct use is considered by its own website and app, but also users of other third-party services that make up Giphy, for example Facebook, Signal and Snapchat, explains the antitrust watchdog note.

“The acquisition was not notified in Austria despite exceeding the €200m deal value limit,” the antitrust authorities say.

Although the company run by Mark Zuckerberg did not provide details of the size of the operation, press reports indicated that it was closed at about $ 400 million. (I)

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