AssetID: 53316354
Headline: UNCAPTIONED: Adobe Scraps $20 Billion Figma Acquisition
Caption: 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. 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. "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.", 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. THIS VIDEO MUST NOT BE EDITED FOR LENGTH TO COMBINE WITH OTHER CONTENT
Keywords: Adobe,Billion,Figma,Acquisition,Regulators,Competition and Markets Authority,CMA,Britain,EU,European Union,Company,Business,Monopoly,CEO,Dylan Field,Statement,Shantanu Narayen
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