Adobe Officially Cancels $20 Billion Figma Acquisition

Adobe and Figma mutually agreed to end their acquisition plans on Monday after European regulators found the deal would hurt competition in the digital design space. The $20 billion acquisition would have combined the world’s leading product design software, Figma, and the world’s largest and most recognized supplier of design applications, Adobe.

“Adobe and Figma strongly disagree with the recent regulatory findings, but we believe it is in our respective best interests to move forward independently,” said Shantanu Narayen, chair and CEO of Adobe, in a Monday press release.

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U.S. regulators were more lenient regarding Adobe’s acquisition of Figma. The Department of Justice met with Adobe executives just last week to secure approval for the merger, reports Politico. The agency was looking into an antitrust lawsuit against Adobe as early as February, but never formally filed a case. Adobe will now pay Figma a $1 billion termination fee that was laid out in the initial terms of the deal “if the transaction fails to receive regulatory clearance.”

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