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Adobe abandons $20 billion Figma acquisition after UK and EU regulatory pressure

From The Verge

By Adi Robertson

December 18, 2023

Adobe abandons $20 billion Figma acquisition after UK and EU regulatory pressure

Adobe abandons $20 billion Figma acquisition after UK and EU regulatory pressure
Adobe and Figma have officially terminated their $20 billion merger agreement, originally announced in September 2022. The companies cited sustained regulatory opposition from the UK Competition and Markets Authority (CMA) and European Commission as the reason for abandonment. As part of the termination, Adobe will pay Figma a $1 billion breakup fee. CMA Chief Executive Sarah Cardell stated that the merger would have harmed competition in digital design tools. Following the news, Figma CEO Dylan Frame confirmed the company will proceed with an independent future, with speculation of an IPO in 2024.

View original article on theverge.com

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