FILE PHOTO: Woman holding smartphone with Facebook logo in front of new Facebook Meta rebranding logo in this illustration photo taken October 28, 2021. REUTERS/Dado Ruvic/Illustration
December 13, 2021
By David French and Elizabeth Culliford
(Reuters) – Meta Platforms Inc, the owner of the social network Facebook, is behind a $60 million deal to acquire the brand assets of U.S. regional bank Meta Financial Group, a spokesman for the company said. the company said on Monday.
The deal highlights how valuable the name Meta has become to the tech giant, which is betting that its focus is on supermarkets – virtual reality spaces accessed over the internet via the internet. a wide range of gadgets – will be wildly successful in the years to come.
Meta Financial said in a regulatory filing on Monday that a Delaware company called Beige Key LLC has agreed to buy worldwide rights to its corporate name for $60 million in cash. It does not reveal who the owner of the Beige Key is.
“Beige Key is affiliated with us and we have acquired these trademark assets,” said a spokesperson for Meta Platforms. A spokesperson for Meta Financial also confirmed the participation of Meta Platforms.
Facebook said in October its parent company changed its name to Meta Platforms.
Shares of Meta Financial were trading 1.3% lower in midday trading, giving it a market capitalization of about $1.75 billion. Meta Platform has grown 1.3%, valuing it at $929 billion.
(Reporting by David French in New York and Elizabeth Culliford in Birmingham, England; Editing by Nick Zieminski)
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