Chinese authorities have stepped in to stop Meta Platforms Inc. (NASDAQ:META) from proceeding with its proposed $2 billion acquisition of Manus, according to a statement released Monday by the National Development and Reform Commission.
The regulator formally blocked the cross-border transaction, bringing an end to the planned takeover between the social media group and Manus.
The statement did not outline specific reasons for the decision.
The move marks a notable obstacle for Meta’s growth strategy, as the company had aimed to secure Manus through the multibillion-dollar acquisition.