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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,” which includes working capital. The company said it expects the deal to close next month.
The news 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. The Competition and Markets Authority (CMA) had originally ordered the sale way back in November, 2021, but the appeals process held things up for the better part of another year. In October last year, Meta confirmed it would drop any further appeals and reluctantly agreed to divest Giphy.
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