Adobe Cancels $20 Billion Figma Deal: What It Means for Tech 🚀

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