Adobe and Figma terminate $20 billion merger deal
Adobe and Figma announced yesterday that they have entered into a mutual agreement to terminate their previously announced merger agreement under which Adobe would have acquired Figma for approximately $20 billion in September of last year.
We’re excited to share our intent to acquire @Figma. Together, we will usher in a new era of collaborative creativity. Key info: https://t.co/9wDSHPhyvE pic.twitter.com/U5SduJUVvc
— Adobe (@Adobe) September 15, 2022
The deal is based on the agreement that getting the needed approvals from the European Commission and the UK Competition and Markets Authority is not possible.
“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 capitalize on our massive market opportunity and mission to change the world through personalized digital experiences.” – Shantanu Narayen, chair and CEO, Adobe.
“Figma has built an incredible product design platform, and I am confident in their continued innovation and growth after spending more than a year with their team and community. I have been impressed with Dylan and his incredible team at Figma and will look for ways to partner to delight joint customers in the future.” – David Wadhwani, president, Digital Media Business, Adobe.
“Going through this process with Shantanu, David and the Adobe team has only reinforced my belief in the merits of this deal, but it’s become increasingly clear over the past few months that regulators don’t see things the same way. While we’re disappointed in the outcome, I am deeply grateful to everyone who has contributed to this effort and excited to find other ways to innovate on behalf of our respective communities with Adobe.” – Dylan Field, co-founder and CEO, Figma.
