Meta has finally found a willing buyer for Giphy, the animated GIF search engine it acquired for $400 million three years ago.
Shutterstock announced today that it has entered into an agreement with Meta to buy Giphy in a transaction that “consists of $53 million of net cash paid at closing, inclusive of working capital.”
The move comes some seven months after the U.K.’s antitrust authority issued a final order for Meta to sell Giphy, on the grounds that the merger reduced dynamic competition.
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