Adobe’s $20 billion mega-bid to buy rival Figma is now officially dead, after the companies said today that regulatory pushback in Europe had caused them to put an end to the acquisition plans.
In a blog post today, Figma CEO and co-founder Dylan Field said that they reached the “joint decision” after failing to convince regulators of the differences between their respective products and businesses.
“It’s not the outcome we had hoped for, but despite thousands of hours spent with regulators around the world detailing differences between our businesses, our products, and the markets we serve, we no longer see a path toward regulatory approval of the deal,” Field said.
This is a developing story, refresh for updates.
