Adobe, Figma Scrap $20 Billion Acquisition
December 18 2023 - 7:52AM
Dow Jones News
By Dean Seal
Adobe has called off its planned $20 billion acquisition of the
collaboration-software company Figma, weeks after a U.K. regulator
warned that the deal would likely harm innovation.
Adobe and Figma said Monday morning that they have mutually
agreed to terminate the cash-and-stock transaction because they
couldn't see a clear path to receiving regulatory approval from the
European Commission and the UK Competition and Markets
Authority.
The U.K. agency late last month said that, following a detailed
investigation, it provisionally found the acquisition would
eliminate competition between two main companies in product-design
software, reduce innovation and remove Figma as a threat to Adobe's
flagship Photoshop and Illustrator products.
Chief Executive Shantanu Narayen said Monday that the companies
strongly disagree with the findings but "believe it is in our
respective best interests to move forward independently."
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
December 18, 2023 08:37 ET (13:37 GMT)
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