UK regulators investigate Facebook's purchase of Giphy

British regulators have opened an investigation into Facebook's recent purchase of Giphy over concerns that it will stifle competition.

Competition and Markets Authority said Friday it's examining deal over concern it will result in “substantial lessening of competition in any market or markets in United Kingdom.”

social network acquired Giphy last month in a deal reportedly worth $400 million. Giphy is a popular tool for creating animated ims kwn as GIFs that pepper conversations around internet.

Facebook has said it wants to integrate Giphy into Instagram but authority ordered companies to keep ir businesses separate during investigation.

At time of deal, about half of Giphy’s traffic came from Facebook’s apps, which also include Messenger and WhatsApp.