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Israeli Regulator Mulls Fine on Facebook for Buying 2 Companies Without Consent

05/11/2021 02:48

06:34 AM EDT, 05/11/2021 (MT Newswires) -- Israel's Competition Authority said Tuesday that it is considering fining Facebook (FB) and its local unit 6 million Israeli shekels ($1.8 million) for buying two Israeli companies without the agency's approval.

The agency sent the social media giant a hearing letter in relation to the company's acquisition of RedKix Inc. in 2018 and Service Friend Ltd. In 2019.

In the news release, the agency said Facebook's transactions required the director general's approval since the company is a "monopolist", who's market share in Israel exceeds 50%.

Facebook has the right to submit its arguments within 60 days.

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