U.S. software company Adobe and cloud-computing design tool Figma have canceled their planned $20 billion merger following regulatory pushback, the companies announced Monday.
In a joint statement, the companies said “there is no clear path to receive necessary regulatory approvals from the European Commission and the UK Competition and Markets Authority.”
Likewise, the companies went on to say that they “strongly disagree with the recent regulatory findings, but we believe it is in our respective best interests to move forward independently.”
Adobe will reportedly pay Figma a $1 billion cancellation fee in light of the deal’s cancellation.
