World News | Israel Fines Meta/Facebook Millions over 'monopolistic' Practices
Get latest articles and stories on World at LatestLY. Meta also agreed to report in the future to the Competition Authority about merger transactions to which it is a party.
Tel Aviv [Israel], January 11 (ANI/TPS): Meta, the parent company of Facebook, will pay 25 million Shekels (USD 6.8 million) as part of a settlement over the company's failure to issue proper notification to Israel's Competition Authority about its acquisition of Israeli firms Redkix in 2018 and Service Friends in 2019.
Meta also agreed to report in the future to the Competition Authority about merger transactions to which it is a party.
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Because of Meta's large size it is classified under Israeli regulations as having a "monopolistic" market share. As such, it was supposed to inform the Authority of its acquisitions of the Israeli firms before concluding the deals. (ANI/TPS)
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