Adobe refuses to compromise on its bid for Figma
Update December 18th, 8:30AM ET: Adobe and Figma announced they have terminated their merger agreement — get all the latest details here. Our original article follows below.
Adobe is, unsurprisingly, standing its ground after the UK’s competition watchdog slammed the brakes on its $20 billion plan to purchase the cloud-based product design platform Figma. Last month, the Competition and Markets Authority (CMA) provisionally determined that the deal would harm the product design software market should it go ahead — effectively blocking the acquisition until Adobe addressed the regulator’s concerns, which involves the divestiture of “overlapping operations” like Figma Design and the company’s competing Adobe XD app.
A response to the CMA’s...