ADOBE CALLS OFF $20 BILLION DEAL FOR FIGMA AFTER PUSHBACK FROM EUROPE OVER POSSIBLE ANTITRUST ISSUES

Adobe’s planned $20 billion acquisition of online design company Figma is being called off due to pushback in Europe over antitrust concerns, the companies said this week.

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The companies announced the cash-and-stock deal in September 2022, seeking a path with Figma’s web-based, multi-player capabilities to accelerate the delivery of Adobe’s creative cloud technologies on the web.

“Although both companies continue to believe in the merits and procompetitive benefits of the combination, Adobe and Figma mutually agreed to terminate the transaction based on a joint assessment that there is no clear path to receive necessary regulatory approvals from the European Commission and the UK Competition and Markets Authority,” Adobe and Figma said in a prepared statement.