Wednesday, May 19, 2021
Home Lead Story US FTC To Examine Past Acquisitions By 5 Big Tech Firms Including...

US FTC To Examine Past Acquisitions By 5 Big Tech Firms Including Microsoft, Facebook and Apple

Digital technology companies are a big part of the economy and our daily lives

Amid growing calls for breaking down large technology companies, the US Federal Trade Commission is set to examine past acquisitions by five tech giants — Alphabet Inc. (including Google), Amazon.com, Inc., Apple Inc., Facebook, Inc., and Microsoft Corp.

The FTC on Tuesday said it issued special orders to these five companies, requiring them to provide information about prior acquisitions not reported to the antitrust agencies under the Hart-Scott-Rodino (HSR) Act.

The orders require to provide information and documents on the terms, scope, structure, and purpose of transactions that each company consummated between January 1, 2010 and December 31, 2019.

The Commission said it wanted to conduct wide-ranging studies of these acquisitions that do not have a specific law enforcement purpose.

The orders will help the FTC deepen its understanding of large technology firms’ acquisition activity, including how these firms report their transactions to the federal antitrust agencies, and whether large tech companies are making potentially anticompetitive acquisitions of nascent or potential competitors that fall below HSR filing thresholds and therefore do not need to be reported to the antitrust agencies.

“Digital technology companies are a big part of the economy and our daily lives,” said FTC Chairman Joe Simons.

“This initiative will enable the Commission to take a closer look at acquisitions in this important sector, and also to evaluate whether the federal agencies are getting adequate notice of transactions that might harm competition. This will help us continue to keep tech markets open and competitive, for the benefit of consumers,” Simons added.

Microsoft
Amid growing calls for breaking down large technology companies, the US Federal Trade Commission is set to examine past acquisitions by five tech giants — Alphabet Inc. (including Google), Amazon.com, Inc., Apple Inc., Facebook, Inc., and Microsoft Corp. Pixabay

The special orders require each recipient to identify acquisitions that were not reported to the FTC and the U.S. Department of Justice under the HSR Act, and to provide information similar to that requested on the HSR notification and report form.

The orders also require companies to provide information and documents on their corporate acquisition strategies, voting and board appointment agreements, agreements to hire key personnel from other companies, and post-employment covenants not to compete.

ALSO READ: Smartphone Giant Xiaomi Reaffirms To Participate in MWC 2020

The orders also ask for information related to post-acquisition product development and pricing, including whether and how acquired assets were integrated and how acquired data has been treated. (IANS)

STAY CONNECTED

19,509FansLike
362FollowersFollow
1,773FollowersFollow

Most Popular

The Medicinal Dragon Fruit Farm In Trinidad

By Shalima Mohammed Richard Cantillon (1680-1734) - the world’s first economic theorist - brought the role of the entrepreneur to the attention of scholars. He viewed...

The Chernobyl Disaster: World’s Worst Nuclear Disaster Explained

BY- JAYA CHOUDHARY The world’s worst civilian nuclear disaster took place when a reactor exploded at the Chernobyl power plant in Ukraine, then part of...

James Clerk Maxwell: “Father Of Modern Physics”

By- Khushi Bisht Despite the fact that they have significantly added to the amount of human intelligence, the identities of thousands of scientists remain largely...

US Remains Top Choice For Indian Students Pursuing Higher Education Abroad

About 67 percent of Indians prefer the US for higher education, reveals a new report by fin-tech platform Prodigy Finance. The report on the...

National Gallery Of Modern Art Initiates Audio-Visual Guide

New Delhi-based National Gallery of Modern Art (NGMA) has launched its Audio-Visual Guide App. It will be possible for museum viewers to listen to...

Discover The Top Summer Furniture Trends

This summer season is all about staying at home (with lockdowns across the country). Hence, revamping your abode with some furniture trends helps to...

How Does Our Body Defend Itself Against Viral Infections?

UK researchers analyzing the effects of SARS-CoV-2, the virus causing the Covid-19 pandemic, on the human body has provided novel insights into the nature...

How Dressing Up For Work From Home Can Help You

During the pandemic, people's relationship with clothes has shifted significantly, as people prioritize comfort and convenience over appearance. Furthermore, the lockdown has left most...

Recent Comments