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Adobe is no longer acquiring rival Figma, the companies said Monday.Adobe had been set to acquire the design software company for around $20 billion.The termination comes amid heavy scrutiny from UK and EU antitrust regulators.
Adobe has called off its plans to acquire design software rival Figma for around $20 billion, the two companies announced on Monday.
The companies said that they “mutually agreed to terminate the transaction” because they couldn’t see a way to get the necessary regulatory approvals from the European Commission and the UK Competition and Markets Authority, which argued that the deal would harm competition.
“Adobe and Figma strongly disagree with the recent regulatory findings, but we believe it is in our respective best interests to move forward independently,” Adobe’s CEO and chair Shantanu Narayen said in a statement.
The companies had originally announced the acquisition in September 2022. Adobe will now pay Figma a termination fee, which it said in an SEC filing earlier this year came to $1 billion.
