In a joint statement released on Monday, Adobe and Figma announced their decision to cancel their planned $20 billion merger due to difficulties in obtaining regulatory approvals from the European Commission and the UK Competition and Markets Authority.
Following the news, Adobe’s shares experienced a 1.8% increase in pre-market trading on Monday.
Although both Adobe and Figma disagree with the recent regulatory findings, they have mutually concluded that proceeding with the merger independently is in their respective best interests. Shantanu Narayen, CEO of Adobe, expressed this sentiment in a statement, stating, “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.”
Source (CNBC)
