Benzinga | Jan 27, 2022 01:37PM EST

Meta Scoops EU Approval For Kustomer Takeover

* Meta Platforms Inc (NASDAQ:FB) won EU approval to buy customer-service platform Kustomer after it committed to grant access to competitors.

* Meta will help rival customer-service software providers access its messaging channels and get updates or extra features for WhatsApp, Instagram, or Messenger.

* Meta has offered comprehensive access commitments with a 10-year duration.

* "The commitments offered by Meta ensure that its rivals will continue to have free and comparable access to Meta's important messaging channels," said Executive Vice-President Margrethe Vestager, responsible for competition policy.

* The EU found that the deal was not likely to lead to a significant impediment of effective competition regarding the market for the supply of online display advertising services.

* Facebook inked the deal, valued at over $1 billion, to bolster efforts to monetize its messaging business.

* Price Action: FB shares traded higher by 0.26% at $295.34 on the last check Thursday.