Adobe Scraps , $20 Billion Figma Acquisition.
Adobe Scraps , $20 Billion Figma Acquisition.
On Dec. 18, both companies announced that
they are mutually terminating the deal following
pressure from regulators in Britain and the EU.
On Dec. 18, both companies announced that
they are mutually terminating the deal following
pressure from regulators in Britain and the EU.
According to regulators, Adobe already
has a near-monopoly in the world of
design software, and purchasing Figma
"would harm innovation," The Verge reports. .
The Competition and Markets Authority
(CMA) wanted Adobe to "restore the conditions
of competition" by adhering to certain
remedies it deemed necessary.
Adobe rejected the proposed measures.
The deadline to approve or deny
the deal was Feb. 25.
Ultimately, both Adobe and Figma decided
that it wasn't worth pursuing.
Ultimately, both Adobe and Figma decided
that it wasn't worth pursuing.
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 chair and CEO Shantanu Narayen, via statement.
While Adobe and Figma shared a vision to
jointly redefine the future of creativity and
productivity, we continue to be well positioned
to capitalize on our massive market
opportunity and mission to change the world
through personalized digital experiences, Adobe chair and CEO Shantanu Narayen, via statement.
Adobe must now pay Figma $1 billion
as part of a reverse termination fee. .
It’s not the outcome
we had hoped for, Figma CEO Dylan Field, via statement.
But despite thousands of hours spent
with regulators around the world detailing
differences between our businesses,
our products, and the markets we serve,
we no longer see a path toward
regulatory approval of the deal, Figma CEO Dylan Field, via statement