Adobe, Figma abandon $20bn merger amid opposition from regulators

(Sharecast News) - Adobe and Figma said on Monday that they have mutually agreed to end their planned merger amid opposition from UK and EU regulators. Adobe announced in September last year that it had agreed to buy the UK software producer for $20bn.

However, in a statement earlier, the two firms said there was "no clear path to receive necessary regulatory approvals" from the UK's Competition and Markets Authority and the European Commission.

Adobe chair and chief executive Shantanu Narayen said: "Adobe and Figma strongly disagree with the recent regulatory findings, but we believe it is in our respective best interests to move forward independently.

"While Adobe and Figma shared a vision to jointly redefine the future of creativity and productivity, we continue to be well positioned to capitalise on our massive market opportunity and mission to change the world through personalised digital experiences."

Under the terms of the deal, Adobe will pay Figma a termination fee of $1bn.