Adobe gives up on $20 billion acquisition of Figma

Adobe has abandoned its roughly $20 billion acquisition of Figma, after the UK Competition and Markets Authority (CMA) raised concerns about the deal. The deal, announced in September 2022, would have valued Figma at roughly 50 times its annual recurring revenue. The CMA's November proposed remedies included either prohibiting the deal or requiring divestment of overlapping operations such as Adobe's Photoshop or Illustrator, or Figma's core product, Figma Design. Figma chief executive Dylan Field said he was "disappointed in the outcome," while Adobe and Figma said the CMA's provisional findings contained "serious errors of law and fact."