Adobe scraps rival buyout after pushback

By Agence France-Presse

Dec 20, 2023 12:20 am

NEW YORK CITY: Photoshop giant Adobe has scrapped its plans to buy up software company Figma after encountering opposition to the deal by regulators in the European Union and Britain, the company said on Monday.

The two California-based tech companies had announced the $20-billion transaction in September 2022, but Adobe immediately faced criticism from regulators that it was trying to remove a promising rival from the market.

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