Adobe Withdrew from $20 Billion Figma Acquisition

Adobeone of the biggest competitors in the market Figma He rolled up his sleeves to buy it. of the company 20 billion dollars The offer was also accepted by Figma. In particular, the European Union and the United Kingdom have examined this acquisition in terms of antitrust laws and have not yet approved it. Frustrated by this situation, the two companies announced that they canceled the agreement.

Figma will receive $1 billion for not being sold

With the withdrawal of the agreement, Figma $1 billion He was also entitled to receive the contract termination payment. Adobe President and CEO released a statement Shantanu Narayen, “Adobe and Fgma strongly disagree with the latest regulatory findings, but we believe it is in our best interest to proceed independently.” he said.

“Adobe and Figma share a vision to shape the future of creativity and productivity together.” Narayen said, however, that the huge market in front of their well-positioned companies to opportunities He emphasized that they will focus on

The deal failed to gain approval due to competition concerns

Regulatory bodies, Adobe design software almost in the market in case of monopoly He postponed the agreement, stating that there was a problem and that it would harm competition. Fearing that possible innovations in the field would be damaged if Figma, which is currently in a better situation than Adobe’s XD platform, was transferred to Adobe, the EU and UK authorities extended the approval process of the agreement. On December 14, Adobe released a statement regarding the deal. UK Competition and Markets AuthorityHe rejected the solutions offered by , in order to realize the agreement in a way that would not fall within the scope of antitrust.

Figma CEO Dylan Field He stated that this was not the result they expected, but after thousands of hours of investigation, they now find it impossible to realize the agreement.