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Facebook argues UK regulator lacks jurisdiction for Giphy deal probe

( June 11, 2021, 12:43 GMT | Official Statement) -- MLex Summary: Facebook has accused the UK's merger regulator of lacking jurisdiction to review its acquisition of Giphy, in submissions to the Competition and Markets Authority's in-depth deal probe. The US tech giant said neither the CMA's turnover test nor its share of supply test for establishing jurisdiction is met, as Giphy has "no assets, personnel, customers or revenues" in the UK. Facebook also said the regulator's two theories of harm — a possible loss of future competition in display advertising and foreclosing of rival social-media platforms — don't stand up.Submission attached....

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