Adobe calls off $20 billion deal for Figma after pushback from Europe over possible antitrust issues
Summary
The companies announced the cash-and-stock deal in September 2022, seeking a path with Figma’s web-based, multi-player capabilities to accelerate the delivery of Adobe’s creative cloud technologies on the web. Biotech giant Illumina on Sunday said that it will undo its $7.1 billion purchase of the cancer-screening company Grail after losing legal battles with antitrust enforcers in the U.S. and Europe. Late last month, European regulators said that Amazon’s proposed acquisition of robot vacuum maker iRobot may harm competition. In October, Microsoft completed its purchase of video game-maker Activision Blizzard for $69 billion after a bruising fight with antitrust regulators in Europe and the U.S. Last month the Markets Authority said that an early review of a potential tie-up between the two companies suggested a “substantial lessening of competition” in the global market for all-in-one product design software for professionals, as well as editing software. David Wadhwani, president, Digital Media Business, at Adobe, said in prepared statement that the software company will continue to look for ways to partner with Figma in the future.
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