Adobe will abandon its $20 billion takeover of the design software maker Figma, the two companies said on Monday, bowing to growing regulatory opposition to the deal on both sides of the Atlantic.
The deal’s price tag was twice what the privately held Figma had raised in its most recent fund-raising round, underscoring how badly Adobe wanted a foothold in the sector.
While the companies have argued that they largely do not compete — except for one Adobe product that hasn’t gained much traction — regulators said the takeover could forestall future rivalries and lead to higher prices for consumers.
It became clear in recent weeks, he added, that the path to approval was narrowing, and abandoning the deal would provide more certainty to both companies’ employees and customers.
The decision is another win for tougher antitrust enforcement: A day earlier, Illumina, a big gene-sequencing company, said it would sell the cancer test maker Grail, which it had bought for $7 billion, after an appeals court endorsed the Federal Trade Commission’s argument that the union would “substantially reduce competition.”
Most notable was Microsoft’s $69 billion takeover of the video game giant Activision Blizzard; that deal closed in October after drawing objections from the F.T.C.
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This is the best summary I could come up with:
Adobe will abandon its $20 billion takeover of the design software maker Figma, the two companies said on Monday, bowing to growing regulatory opposition to the deal on both sides of the Atlantic.
The deal’s price tag was twice what the privately held Figma had raised in its most recent fund-raising round, underscoring how badly Adobe wanted a foothold in the sector.
While the companies have argued that they largely do not compete — except for one Adobe product that hasn’t gained much traction — regulators said the takeover could forestall future rivalries and lead to higher prices for consumers.
It became clear in recent weeks, he added, that the path to approval was narrowing, and abandoning the deal would provide more certainty to both companies’ employees and customers.
The decision is another win for tougher antitrust enforcement: A day earlier, Illumina, a big gene-sequencing company, said it would sell the cancer test maker Grail, which it had bought for $7 billion, after an appeals court endorsed the Federal Trade Commission’s argument that the union would “substantially reduce competition.”
Most notable was Microsoft’s $69 billion takeover of the video game giant Activision Blizzard; that deal closed in October after drawing objections from the F.T.C.
The original article contains 547 words, the summary contains 204 words. Saved 63%. I’m a bot and I’m open source!