$271 Billion Computer Software Giant Adobe Terminates $20 Billion Acquisition of Design Startup Figma Due to Regulatory & Anti-Trust Issues in Europe & United Kingdom, Pays Figma $1 Billion Termination Fee
22nd December 2023 | Hong Kong
Computer software giant Adobe (22/12/23: $271 billion market value) has terminated the $20 billion acquisition of design startup Figma due to regulatory & anti-trust issues in Europe & United Kingdom, and to pay Figma $1 billion termination fee. Adobe (18/12/23): “Today, Adobe (Nasdaq:ADBE) and Figma announced that they have entered into a mutual agreement to terminate their previously announced merger agreement, originally announced on September 15, 2022, under which Adobe would have acquired Figma for a mix of cash and stock consideration. Although both companies continue to believe in the merits and procompetitive benefits of the combination, Adobe and Figma mutually agreed to terminate the transaction based on a joint assessment that there is no clear path to receive necessary regulatory approvals from the European Commission and the UK Competition and Markets Authority.” More info below:
“ $271 Billion Computer Software Giant Adobe Terminates $20 Billion Acquisition of Design Startup Figma Due to Regulatory & Anti-Trust Issues in Europe & United Kingdom, Pays Figma $1 Billion Termination Fee “
$271 Billion Computer Software Giant Adobe Terminates $20 Billion Acquisition of Design Startup Figma Due to Regulatory & Anti-Trust Issues in Europe & United Kingdom
18th December 2023 – Today, Adobe (Nasdaq:ADBE) and Figma announced that they have entered into a mutual agreement to terminate their previously announced merger agreement, originally announced on September 15, 2022, under which Adobe would have acquired Figma for a mix of cash and stock consideration.
Although both companies continue to believe in the merits and procompetitive benefits of the combination, Adobe and Figma mutually agreed to terminate the transaction based on a joint assessment that there is no clear path to receive necessary regulatory approvals from the European Commission and the UK Competition and Markets Authority.
“Adobe and Figma strongly disagree with the recent regulatory findings, but we believe it is in our respective best interests to move forward independently,” said Shantanu Narayen, chair and CEO, Adobe. “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.”
“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,” said David Wadhwani, president, Digital Media Business, Adobe. “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.”
“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,” said Dylan Field, co-founder and CEO, Figma. “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.”
The companies have signed a termination agreement that resolves all outstanding matters from the transaction, including Adobe paying Figma the previously agreed upon termination fee.
Adobe
As one of the largest and most diversified software companies in the world, Adobe empowers everyone — from individuals and small businesses to government agencies and global brands — to design and deliver exceptional digital experiences. Headquartered in San Jose, California, and with a diverse global population of more than 29,000 employees, we achieved revenue of US$17.61 billion in fiscal year 2022. Our stock is traded on the Nasdaq under the symbol ADBE.
About Figma
Figma is a design platform for teams who build products together. Born on the web, Figma helps teams brainstorm, design, and build better products — from start to finish. Whether it’s consolidating tools, simplifying workflows, or collaborating across teams and time zones, Figma makes the design process faster, more efficient, and fun while keeping everyone on the same page.
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