Meta to Pay 25 Million Shekels in Settlement with Israeli Competition Authority

Meta, the parent company of Facebook, has agreed to pay 25 million Shekels (USD 6.8 million) as part of a settlement over its failure to issue proper notification to Israel's Competition Authority regarding the acquisition of Israeli firms Redkix in 2018 and Service Friends in 2019. The settlement also includes an agreement from Meta to report future merger transactions to the Competition Authority.

According to Israeli regulations, Meta's large size places it in the category of having a monopolistic market share, requiring it to inform the Authority of its acquisitions of Israeli firms before completing the deals. This settlement comes as a result of Meta's violation of Israeli regulations and highlights the company's obligation to comply with local competition laws. The payment and commitment to future reporting signals Meta's willingness to adhere to the rules and regulations of the Israeli market. This settlement is a significant development in Meta's dealings with the Israeli market and serves as a reminder of the importance of adhering to competition regulations in all business transactions.