After more than a year of antitrust scrutiny, Meta Platforms Inc (NASDAQ: FB) completed its acquisition of Kustomer, a customer service software company.
- Meta first announced the acquisition, valued at more than $1 billion, in November 2020, Bloomberg reports.
- However, the Federal Trade Commission prosecuted Meta for “illegal monopolization,” raising questions regarding its regulatory approval.
- Related Content: Facebook Agrees To Acquire $1B Startup Kustomer To Improve Services For Businesses
- Meta passed an FTC review and a separate approval by U.K. antitrust authorities.
- Kustomer builds software to manage customer messages from multiple services on one central dashboard. That’s central to Meta’s plan to make money from its two messaging apps, WhatsApp and Messenger.
- Meta hopes businesses will use WhatsApp, which has more than 2 billion monthly users.
- Another ongoing FTC lawsuit requires Meta to spin off its WhatsApp and Instagram purchases.
- Price Action: FB shares traded lower by 3.43% at $213.50 in the premarket on the last check Wednesday.
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