The $6.7 billion-asset Meta disclosed
in a regulatory filing Monday that it agreed on Dec. 7 to sell the rights to Beige
Key LLC for $60 million. As part of the agreement, Meta will phase out and
cease all use of the “Meta” brand.
Beige Key is affiliated with Facebook, which announced in late October that it had
changed its corporate name to Meta Platforms.
Meta has a year to change its
corporate name. The company received $50 million when the agreement was signed;
the remaining money will be released after the phase-out has been completed.
Meta said it plans to use a
portion of the proceeds to cover the cost of implementing a new corporate mark
and name. The company plans to give an estimate of rebranding costs when it
announces quarterly results next month.
Any remaining proceeds will be
used for a variety of purposes, which could include tax-efficient capital
allocation.
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