Miscellaneous

FTC issues “Special Orders” to examine past acquisitions by tech companies

WASHINGTON The Federal Trade Commission (FTC) issued Tuesday “Special Orders” to five large technology firms, requiring them to provide information about prior acquisitions not reported to the antitrust agencies between 2010 2019.

“The orders require Alphabet Inc. (including Google), Amazon.com, Inc., Apple Inc., Facebook, Inc., and Microsoft Corp. 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 in a statement.

FTC Chairman Joe Simons said in this regard that “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,” he affirmed.

According to the statement, the orders will help FTC “deepen its understanding of large technology firms’ acquisition activity, including how these firms report their transactions to the federal antitrust agencies.”

Source: Kuwait News Agency