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Home»Business»Figma reviewing EU’s objections against $20 bln Adobe buyout bid
Business

Figma reviewing EU’s objections against $20 bln Adobe buyout bid

November 18, 2023No Comments2 Mins Read
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Illustration shows Adobe logo and stock graph

Adobe logo is displayed on a smartphone screen in front of a stock graph in this illustration taken, June 13, 2022. REUTERS/Dado Ruvic/Illustration Acquire Licensing Rights

Nov 17 (Reuters) – Figma said on Friday it was carefully reviewing the EU competition watchdog’s statement of objections related to Photoshop maker Adobe’s (ADBE.O) proposed $20 billion bid to buy out the cloud-based designer platform.

The EU agency had in August opened a full-scale investigation into Adobe’s proposal to buy Figma, saying that it could reduce competition in global markets for interactive product design tools and shut out rivals.

Adobe’s proposition comes amid heightened regulatory scrutiny around the world on Big Tech acquisitions which boost dominant companies’ market power or those involving start-ups seen as nascent rivals.

The European Commission said in a statement on Friday that it has informed Adobe of its preliminary view and has conducted a wide-ranging investigation to understand the potential impact of the deal.

The transaction could create a dominant player of interactive product design tools by combining Figma, a clear market leader, and one of its largest competitors Adobe, the commission said.

San Francisco-based Figma’s web-based collaborative platform for designs and brainstorming is used by tech companies such as Zoom Video Communications (ZM.O), Airbnb (ABNB.O) and Coinbase (COIN.O)

Figma said it would continue to engage in constructive conversations focused on the benefits of its deal with Adobe.

Adobe’s chief counsel Dana Rao told Reuters on Wednesday that the company is open to proposing remedies to resolve regulatory concerns.

Britain’s competition regulator is also conducting an in-depth probe into the deal.

See also  Biden’s Decision To Block US Steel Deal Sparks Lawsuits, Backlash From Japan

Reporting by Bhanvi Satija in Bengaluru; Editing by Shilpi Majumdar

: .

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Adobe bid bln buyout EUs Figma Objections reviewing
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