Adobe has backed out of buying Figma

Suffocated by the pressure of market regulatory authorities, Adobe has announced that it has withdrawn from the process of purchasing Figma. Figma will be paid $1 billion in connection with the termination of the contract.
Adobe has agreed to acquire Figma, one of its biggest competitors in the market. The company's $20 billion offer was also accepted by Figma. In particular, the European Union and the United Kingdom have investigated the acquisition from the point of view of antitrust laws and have not yet approved it.
Adobe will pay $1 billion in damages to Figma for terminating the contract.
Adobe CEO Shantanu Narayen said, "Adobe and Figma strongly disagree with the recent regulatory findings, but we believe it is in our best interests to proceed independently."
"Adobe and Figma share the vision of shaping the future of creativity and productivity together," said Narayen, emphasizing that they will pay attention to the opportunities offered by the huge market in front of their companies, which are still well positioned in the market.
Regulators had delayed the deal, saying Adobe had a near-monopoly in the design software market and that it would hurt competition. Fearing that Figma, which currently outperforms Adobe's XD platform, would hurt potential innovation in the field if transferred to Adobe, EU and UK authorities have extended the deal's approval process.
Adobe would have paid Figma $20 billion if the acquisition had gone through.