Thursday, July 18, 2024

Figma fans are delighted as the design app escapes being gobbled up by Adobe

After facing pressure from EU regulators, Adobe and design app Figma have agreed to mutually break up, costing the former a lucrative $20 billion deal.

Adobe said in a recent statement that the companies are doing this because they cannot find a “clear path to receive [the] necessary regulatory approvals from the European Commission and the UK [CMA]”, or the Competition and Market Authority. It goes on to say they both “strongly disagree” with the findings, however, they believe it’s best for everyone that they put this messy situation behind them. What’s more, Adobe will pay Figma a reverse termination fee which, according to the US SEC (Securities and Exchange Commission), comes out to $1 billion.


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